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The total hashrate on the Bitcoin network has hit a new all-time high of 179.4 EH/s. Experts see that the increase is partly attributable to the current shortage of chips. Bitcoin mining machines that were previously considered outdated are now generating profits amid the global chip shortages.
Bitcoin Network Hashrate Hits ATH
According to data from CoinMetrics, the mean hashrate of the Bitcoin network has now reached a new all-time high of 179.4 for the first time in history. It previously reached a new ATH at 150 EH/s twice in February and has remained at these high levels for the past two months, steadily increasing.
Despite Bitcoin’s last halving event that pushed back miner block rewards to 6.25 BTC, miners have been making huge profits since the beginning of the year thanks to Bitcoin’s booming prices.
In February 2021, the weekly mining revenue of global bitcoin miners hit an all-time high of $354.4 million or $50 million per day. While in March 2021, the daily income of miners rose to a new ATH of $52.3 million.
On one hand, miners are increasingly accumulating their Bitcoin stashes instead of storing them. Over 8,874 units of BTC have been reportedly added by miners in their long-term positions.
Data scientist Rafael Schultze-Kraft further revealed that Bitcoin miners were making more than 50 Million per day for the past month.
3/ #Bitcoin miners have been making more than $50 Million per day for the past month.
Put into perspective: A year ago this number was around $12 Million – that's a 4x increase, despite the block subsidy being cut in half.
Important datapoint!
Chart: https://t.co/FWSYnFIGQT pic.twitter.com/CwNVRUWMln
— Rafael Schultze-Kraft (@n3ocortex) April 6, 2021
Bitcoin Miners Taking Advantage of Price Surge
Bitcoin miners are taking advantage of the cryptocurrency’s continual price surge. Just last month, the cryptocurrency recorded an all-time high of approximately $61,000. The digital asset started this year at a price level of nearly $29,000.
The world’s largest cryptocurrency is currently trading at $56,821 with a market cap of more than $1 trillion. At the publishing time, Bitcoin was trading down 1.40% from the past 24 hours. It is down at the same time last week by 3.4% but remains within the month-long range bound channel it has formed.