Bitcoin Network Hashrate Reaches Record High Amid 12% Price Surge

Over the past seven days, the price of Bitcoin has surged by 12%, triggering a significant increase in the network’s hashrate. According to analysts, the total computing power used to confirm transactions in the Bitcoin network has reached an all-time high in the history of cryptocurrency. Hashrate, a key metric in mining, reflects the number of computations conducted by all network miners. This means that more miners are participating in the network than ever before.

However, the increased complexity and competition make it harder for miners to turn a profit despite the price increase. According to Jefferies, revenue from Bitcoin mining dropped by 11.8% in August. While the price surge has attracted more miners, the declining daily income is causing concern that many companies may need to find alternative ways to survive in this highly competitive market.