On Feb. 13, Bitcoin’s hash rate hit an all-time high of 248.11 EH/s.
Since July 2021, the robust Bitcoin network has grown constantly.
According to The Block’s Data Dashboard, for March, Bitcoin miners made $1.21 billion in income. In February, mining generated $1.06 billion in revenue. The block subsidy accounted for most total income ($1.19 billion), with transaction fees accounting for the remainder ($15.26 million). The total income has decreased from October’s $1.72 billion. In March 2021, they reached a record high of $1.75 billion.
The Bitcoin (BTC) network’s mining difficulty reached an all-time high of 28.587 trillion on Friday, just as the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation. BTC mining now requires an estimated hash rate (EH/s) of 201.84 exahash per second (EH/s) as per Blockchain.com, which is the current difficulty level for Bitcoin.
Scarcity Leads to Increased Prices
On Feb. 13, Bitcoin’s hash rate hit an all-time high of 248.11 EH/s, the highest ever recorded, as the network difficulty continued to rise. The process of overturning BTC transactions via the blockchain by supplying at least 51% of the Bitcoin hash rate is made more difficult by a greater hash rate. As recently as Mar. 4, approximately a month before the BTC network difficulty hit an all-time high, the difficulty dropped somewhat from 27.96 trillion to 27.55 trillion and then fell further to 27.45 trillion till Mar. 30. Since July 2021, the robust Bitcoin network has grown constantly.
Due to the surge of Bitcoin miners from all over the globe and the remaining incentive of just 2 million BTC, the BTC network is projected to become stronger and sustain the flourishing community. According to CoinMarketCap, the Bitcoin price today is $46,476.07 USD with a 24-hour trading volume of $35,222,860,532 USD. Bitcoin has been up 3.39% in the last 24 hours.