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Bitcoin hashrate hit a new landmark – a level us has found challenging to achieve since June 8. CornWarz revealed that the BTC hashrate touched new two-month highs.
The hashrate, which clarifies the computational power utilized to initiate BTC transactions, stood at 248.61 EH/s as of August 26. Historical data indicated that the furthest the figure could hit was 236.50 EH/s on August 19.
This hike might be astonishing, especially as Bitcoin price declines, surrendering the $22K mark and seemingly losing the $20K value area.
However, does that mean BTC miners have more control to bring more $BTC into circulation? It might be early to conclude as hashrate retraced its moves. While publishing this blog, the Bitcoin hashrate hovered at 216.49 EH/s.
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Incidentally, the hashrate wasn’t the only one convoluted in the BTC rally. The asset’s block difficulty followed. The metric touched the high of 749,95, reflecting a 0.63% hike from the previous difficulty interval (BTC.com data).
It’s noteworthy that the block difficulty hit the mentioned milestone at 202.76 EH/s average hashrate. BlocksBridge Consulting, a blockchain advisory organization, initially publicized the update. Also, the company stated that the difficulty might climb higher in the upcoming times.
Surprisingly, they appear to be accurate. BTC.com data showed a +4.46% prediction in the next difficulty. Though miners enjoyed over the last two weeks, this uptick could mean a challenging path to heighten block rewards.
Jumping Too
While players expected the difficulty level to lessen Bitcoin miner block rewards, that wasn’t the case. Glassnode data indicated that block rewards revenue exploded from dips on August 24. The 912.5 value during the mentioned date surged to 1,100 by August 26. Fascinatingly, the block revenue maintained this mark as of this publication.
Besides an increase, it represented the 2nd highest block reward since July. The first was August 19’s 1,112.5 when the hashrate surged before the latest one. With miners somewhat becoming profitable regardless of the Bitcoin bear signs, an uptick in $BTC price might even enhance it, considering other notable factors.
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