Bitcoin miners capitulation passes, but spiking hash rate keeps pressure on
On October 3, the Bitcoin hash rate soared to a new all-time high of 244.25 EH/s. Commenting on this, Binance CEO Changpeng Zhao said, “miners know something we don’t.”. Meanwhile, since the November 2021 market top, mining difficulty has also increased but not to the same magnitude seen in hash rate increases – all of which squeezes the miners’ bottom line.
Two days later, the hash rate surged yet again, smashing the previous record to print a new all-time high of 314.58 EH/s, further signaling miner confidence despite growing price uncertainty amid crypto winter. Currently, BTC-denominated rewards come in as low as four BTC per day. This equates to around $80,000 a day in revenue per exahash, which is on par with revenues seen in late 2020 when Bitcoin was around $10,000. Meanwhile, mining difficulty has increased alongside the hash rate.
Source
https://t.me/CryptoMarketUpdates
