In a recent development, Bitinfocharts has reported that Bitcoin’s hash rate soared to an unprecedented all-time high of 547.79 Ehash/sec on November 19th, surpassing the previous record of 526.71 set earlier this month. This remarkable surge reflects a staggering 169% increase since the beginning of the year, rising from 203.58 Ehash/sec.
The data indicates that the average Bitcoin hash rate experienced a noteworthy 12.13% increase in the past 24 hours alone, showcasing the ongoing dynamism in the cryptocurrency’s mining landscape.
Analysts Predict BTC Price Pullback
CryptoQuant’s on-chain analyst, Gigisulivan, weighed in on the implications of the surge in hash rate for Bitcoin’s price. The analyst suggested a potential pullback target for BTC in the range of $30,000 to $31,500. Drawing parallels with a previous scenario around September 15th, Gigisulivan highlighted how a similar surge in hash rate coincided with a notable Bitcoin price spike to $26,700.
Contrary to the gloomy predictions, the apex cryptocurrency has shown resilience, experiencing a slight uptick within the past 24 hours. The current price has surged above $37,000, defying concerns raised by some analysts.
Bitcoin Miners’ Revenue Hits $46.8 Million
In tandem with the surge in hash rate, Bitcoin miners’ revenue reached an impressive $46.8 million over the weekend, a level not seen since April 2022. The primary sources of revenue in mining include validating BTC transactions and generating new blocks.
Presently, miners are rewarded with 6.25 BTC for each successfully created block, in addition to transaction fees. This incentive structure plays a crucial role in sustaining the mining ecosystem.