• Bitcoin’s network hash rate has hit an all-time high of 342.16 EH/s with Foundry USA and Antpool dominating at 33.9% and 18.7%, respectively.
• Mining difficulty has also reached a record high and increased by more than 2% for the fourth consecutive time, following pushes of 8%, 1.16% and 9.9%.
• Miner revenue has experienced nearly 70% growth since the beginning of 2023, with a substantial surge seen in March this year.
Bitcoin Network Hash Rate
The Bitcoin network hash rate has climbed to an all-time high of 342.16 EH/s with Foundry USA and Antpool dominating at 33.9% and 18.7%, respectively.
Mining Difficulty
Mining difficulty determines the computational power required to mine a block on the blockchain, and it recently reached an all-time high after increasing by more than 2% for the fourth consecutive time. According to Blockchain.com data, the latest push elevated the metric to 47.89 trillion at a block height of 784,224 on April 7th, having previously surged 8%, 1.16% and 9.9%.
Miners‘ Revenue Boosted
In addition to increases in difficulty and hash rate, Bitcoin’s miner revenue has also reacted positively – experiencing nearly 70% growth since the start of 2023 with a substantial surge seen in March this year.
Industry Resurgence After Turbulence
After severe turbulence in the mining industry last year, there seems to be a significant resurgence since early 2023 which has been beneficial for miners as they are now seeing increased revenues from their efforts despite it being harder to mine BTC than ever before..
Conclusion
The current state of affairs bodes well for Bitcoin miners who have reaped rewards from increased difficulty levels along with robust hash rates resulting in improved miner revenues over recent months..