According to Bitcoin on-chain data sites, bitcoin mining hashrate’s 7-day moving average crossed the 700 EH/s mark, reaching a new all-time high. The hashrate is currently over 13% more since the Bitcoin halving event in April. The hashrate also highlighted a 6% increase over the last 7 days.
The Bitcoin hashrate price hit a 2-month high, reaching over $50 PH/s, before correcting to a little above $47 PH/s at the time of writing. The reason behind the spike was an increase in Bitcoin transaction fees and the coin’s prices.
The crypto market expects a Bitcoin difficulty adjustment due to the current spike in Bitcoin hashrate. Bitcoin difficulty is adjusted after every 2016 blocks, with the next adjustment scheduled for October 23. The expected adjustment will be an over 4% increase.
The leading crypto’s price has, however, been down by about 1.1% today, dropping to below $67,000 at the time of writing. On the other hand, BitInfoCharts data shows that the coin’s hashrate has steadily increased since 2021.
Publicly listed U.S. miners contribute to the Bitcoin hashrate growth
NEW: U.S. #Bitcoin miners now contribute 29% of the network hashrate, according to JPMorgan. pic.twitter.com/1FgtahPlnv
— Simply Bitcoin (@SimplyBitcoinTV) October 16, 2024
A recent JPMorgan report revealed that U.S.-based publicly listed BTC miners had contributed 28.9% of the Bitcoin network’s current hashrate. The price of Bitcoin mining stocks of the U.S.-based miners has also been booming in the first half of the month.
The JPMorgan research also indicated that the increasing percentage recorded by U.S.-based BTC mining companies has significantly boosted the country’s dominance in Bitcoin hashrate. In the past, China has had the greatest dominance in Bitcoin mining.
This year, promising figures for U.S. bitcoin mining companies have still been recorded. In September, data showed that the U.S. Bitcoin mining pools brought approximately 40% of the Bitcoin network mining hashrate. However, Chinese companies still held a whopping 55% of the Bitcoin mining hashrate. China’s decrease in dominance comes after the country’s ban on all crypto exchanges and companies.
Wall Street shows increased interest in Bitcoin mining stocks
Institutional investors are showing an increased interest in Bitcoin mining stocks ahead of the November U.S. presidential elections. Some analysts speculate that the newfound interest is linked to BTC mining stocks being safer than holding the coin.
Additional information revealed that institutional investors are betting on the energy developments in Bitcoin mining firms. A new policy demanded that Bitcoin mining firms generate their power.
Morgan Stanley’s global head of research encouraged Wall Street companies’ CIOs to consider investing in BTC mining. VanEck’s digital assets research head, Matthew Sigel, confirmed the details in an X post on October 14, further revealing details about the new energy policy for mining firms. Sigel also revealed the growing interest in developing technologies in Bitcoin mining firms, including machine learning and AI.
An X user, Dark Horseman, predicted a bullish outlook for BTC due to increased interest. The X user tweeted that several institutional investors, including Fidelity, Metaplanet, and Samara Asset Group, were stocking up on the top crypto.
Source: https://www.cryptopolitan.com/bitcoin-hashrate-hits-a-new-all-time-high/