Glassnode data shows that the hash speed on the Bitcoin system has reached a new summit
Bitcoin miners are having a fantastic run at present as data from Glassnode indicates the hash speed on the network is swinging to a new all-time high. The on-chain analytics provider remarked that the typical hash speed surfaced this past week, crossing 178 Ehash/s (exa hashes per second).
It is actually the first time the hash speed has touched some figure that high in Bitcoin’s history. Glassnode is backed by the crypto data aggregator website Bitinfocharts, which shows Bitcoin’s average hash speed is pacing a record high. The typical hash rate on Bitinfocharts as of writing is 179. 792 Ehash/s — upward 10. 15percent in 24 hours.
The hash speed has only spanned 150 Ehash/s a couple times this calendar year prior to this current increase. The first time was on February 8th when it attained 151. 32 Ehash/s and later on February 25th when it set a new peak of 151.5 Ehash/s. Last month, the hash rate topped the 150 Ehash/s markers once on March 28th as it shot to 150.8 Ehash/s.
Glassnode’s CTO Rafael Schultze-Kraft was to point out the peaking hash speed among many other Bitcoin miner metrics, which he shared through a Twitter thread. Schultze-Kraft also revealed that Bitcoin mining had increased to a new high in the end of last week.
“In fact, #Bitcoin mining difficulty increased by 5.8% last Friday — to a new ATH as well. Difficulty is up 66% over the past year, and 24% YTD,” he composed.
The on-chain analyst revealed that miners raked in north of $50 million daily in March. He explained that they were enjoying huge rewards as the present earnings are four times what they got at the exact same period this past year. Keep in mind, block wages have been decreased by half in May last year as a consequence of Bitcoin’s halving.
Schultze-Kraft further pointed out that miners aren’t selling their holdings; instead, they’re hodling the mined coins.
“Are #Bitcoin miners selling? I don’t think so. We saw increased outflows in the run up to $40, but the miner position change has turned back positive. […] The #Bitcoin unspent supply has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”