Bitcoin’s hashpower experiences a significant increase
Hashrate Index, a crypto mining analytics firm, reports that public Bitcoin miners are sticking to their schedules and placing orders for ASICs. This comes as the miners prepare for a significant increase in mining difficulty in eight days. Hashrate Index reveals that top public miners have ordered 76.6 EH/s of equipment for 2024, with 12.9 EH/s expected to be delivered in Q1 and nearly 36 EH/s in Q2.
As of now, Bitcoin’s 7-day average hashrate has reached an all-time high of 659 EH/s, showing a 13.6% increase from its lowest point of 580 EH/s after the halving. Analysts note that this level of hashrate results in an average block time of about 9 minutes and 26 seconds.
In terms of transaction fees, analysts have observed a significant decrease in volumes since the halving. They mention that the launch of the Runes fungible token standard has not been able to revive trading activity, and transaction fees have returned to normal levels.
Earlier predictions by Hashrate Index analysts in May suggested an increase in hashprice over the next six months. They cited factors such as stagnant difficulty, rising transaction fees, or an increase in Bitcoin’s price. Looking ahead, it is expected that U.S. miners may reduce BTC mining during the summer, potentially slowing down the growth of hashrate. However, analysts believe that global miners could compensate for this decline and provide a broader perspective on hashrate expansion.
In other news, BitFuFu, a cloud mining company backed by Bitmain, has experienced a 150% increase in revenue during Q1.
