The hash rate of the Bitcoin network marked an all-time high on December 25, with it reaching 544 exahashes per second (EH/s).
While recording steady growth, the Bitcoin hash rate has continually surged, gaining over 130% throughout the year. The hash rate was 253 EH/s on January 1, 2023, which has now reached over 544 EH/s, according to data from Blockchain Explorer.
Mirroring the surge in hash rate, the Bitcoin (BTC) price has also seen a gain of over 150% since the start of this year, with it surging from nearly $16,500 to the current $42,600 – as per market data by Coinmarketcap.
However, as the surge in hash rate indicates improvised network activity, it is not optimistic for miners as the hash price has recently fallen to $0.09 per TH per day from its yearly high of $0.13 on December 17.
The hash price is a measure of profitability for Bitcoin miners, which tends to spike when network activity is high.
Also Read: Bitcoin Price May Dip to $37K: Analyst Forecasts Downside
