Oddbean

Bitcoin’s Hashrate Nears All-Time Peak Despite Difficulty Bump and Revenue Loss. Despite a bump in mining difficulty and a drop in hashprice, Bitcoin’s total hashrate is still on the rise. In fact, on Wednesday it’s just 12 exahash per second (EH/s) away from reaching its peak of 677 EH/s, which was recorded on July 25. https://yakihonne.s3.ap-east-1.amazonaws.com/89f93336152fbe149c10445b7e780339e16f9ed7ceeb1596414c65c2779b7582/files/1725502918297-YAKIHONNES3.webp *Bitcoin’s total hashrate over the seven-day simple moving average according to Luxor’s hashrateindex.com on Sept. 4, 2024.*

The current dynamics suggest that while the hashrate is climbing, the profitability of mining operations may be under pressure unless Bitcoin prices increase significantly. Market analysts, including Dylan LeClair, have pointed out that the efficiency of new mining rigs will play a crucial role in determining whether miners can sustain operations profitably in the face of rising costs and competition .