Bitcoin Miners Hit Jackpot as Hash Rate soars again, recording the highest hourly revenue in Bitcoin’s history. Miners earned a new record high of $4 million in revenue in just under an hour, according to Glassnode, a blockchain analytic firm.
Bitcoin’s value is projected to hit $288,000 according to PlanB, the brains behind the popular price model Stock-to-Flow.
Reportedly, the current hashrates clock at 176 EH/s. It topped 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.
Hashrate is generally considered as the computing ‘horsepower’ for the Bitcoin network and a vital sign of its security. This is because the higher the hashrate, the harder it is to attack the network.
Mining Never been More Profitable
The analyst reported that Bitcoin miners have made over the $50 million figure per day for the past month. He highlights the magnitude of the number by pointing out that this number was around $12 million just a year ago. This, the earnings have seen about a fourfold increase.
Miners have also started to hold onto the coins they’re mining as the net position has turned back to the green signs, according to Glassnode. In the steady run-up to the $40,000 price level, miners were regularly selling off to cover their set-up costs, but now they are back into accumulation mode.
Reports show a significant decline in transactions from miners to BTC exchange wallets. Even though miner activity represents a tiny fraction of BTC trading volumes as a whole.
Clem Chamber, Senior Contributor at Forbes, noted that Bitcoin’s mining profits are on the way down because of the absence of stability in pricing. Experts have also suggested that due to the oversaturation of the pool with thousands of miners, all looking to get a piece of the action, it may cause a problem for the miners.
Also, a sudden bearish run of Bitcoin’s value could have ample devastating effects on Bitcoin miners’ revenue, warns crypto-currencies experts.
Right now, Bitcoin is consolidating after reaching a new high of $50,000. If it reaches $60,000 the market capitalization would most definitely hit $1 trillion, effectively making it one of the most valuable assets in the world.