Bitcoin’s Hashrate Hits Record High, Mining Profits Surge
Bitcoin: Hashrate Hits All-Time High, But What About the Price?
Bitcoin’s hashrate has reached an all-time high, a milestone driven by the popularity of ordinals. BTC’s mining difficulty rose in tandem with the hashrate, while BTC’s price action remained calm.
Bitcoin Mining Reaches New Heights
The mining industry of Bitcoin [BTC] reached an all-time high last week, as the “combination of miner rewards and fees” exceeded $46.7 million, as a tweet from IntoTheBlock on November 26 shows. According to data from Coinwarz, BTC’s hashrate was 458.09 EH/s at the time of writing. An increase in the hashrate means that new miners are flooding into the network. Due to the increase in BTC’s hashrate, the mining difficulty also increased. According to Coinwarz, BTC’s difficulty was 67.96T at the time of press.
Rising Demand for Ordinals
While the increase in the hashrate could be attributed to the upcoming halving, another reason for the rise was the increasing demand for BTC ordinals. The tweet from IntoTheBlock mentioned that the rising demand for ordinals significantly boosts mining profitability. More specifically, the combination of miner rewards and fees reached an impressive $46.7 million, the highest value in the last six months. Data from Dune shows that the total number of inscriptions was 44,545,049 at the time of press. In addition, the number of daily BTC inscriptions gained upward momentum last week.
Bitcoin Moving Sideways
Although the blockchain’s mining industry was flourishing, investors weren’t feeling their best as BTC’s price moved sideways last week. According to CoinMarketCap, BTC’s price moved only slightly in the last seven days. At the time of writing, BTC was trading at $37,381.51, with a market capitalization of over $730 billion.
Selling Pressure on BTC
Analysis of data from CryptoQuant by AMBCrypto revealed some metrics that may have prevented BTC’s price from rising. For example, BTC’s net deposits on exchanges were high compared to the seven-day average, indicating high selling pressure. In addition, its aSORP was in the red zone. This suggested that more investors were selling at a profit, indicating a possible market high.
Sources: AMBCrypto, IntoTheBlock, Coinwarz, Dune Analytics, CoinMarketCap, CryptoQuant
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