With halving just days away, the Bitcoin network’s hash rate continues to clinch new peaks.
According to the data compiled by Bitinfocharts, Bitcoin’s hash rate reached a new all-time high yet again, climbing 547.79 Ehash/sec on November 19th. It broke the previous record of 526.71 established earlier this month.
The latest jump represents over 169% increase since the beginning of the year from 203.58 Ehash/sec.
Data suggests that the average Bitcoin hash rate was up by 12.13% alone in the past 24 hours.
Weighing on the latest hike in the hash rate and its impact on BTC’s price, CryptoQuant’s on-chain analyst Gigisulivan said that the crypto’s pullback target could be between $30,000-31,500.
To support this viewpoint, the analyst drew parallels between the present scenario and BTC’s state around September 15th, noting that during that time, a previous surge in hash rate coincided with a Bitcoin price spike to $26,700.
Despite the gloomy prediction, Bitcoin is slightly up within the past 24 hours, having spiked above $37,000 as of now.
Bitcoin miners’ revenue has also surged to $46.8 million this weekend, a level last seen in April 2022. The main source of revenue in Bitcoin mining is derived from validating BTC transactions and generating new blocks.
Currently, miners are rewarded with 6.25 BTC for each successfully created block, along with transaction fees.
Last year was marked by a decline in global Bitcoin miner revenue due to factors such as a prolonged bear market, negative sentiment from scams and ecosystem collapses, and restrictive regulations.
2023 brought about a positive shift as the market witnessed a resurgence in investor confidence.
Increased market prices and growing public interest led to a year-long upturn in mining revenue, marking a turnaround from previous challenges.