Bitcoin’s hash rate reached a record-breaking 544 exahashes per second (EH/s) on December 25, marking a remarkable 130% increase since January, when it stood at 253 EH/s.
The surge in hash rate coincides with Bitcoin’s price skyrocketing by over 150% in 2023. While this may seem like a positive development, it brings added challenges for miners.
Bitcoin Profitability Takes a Hit
An increased hash rate is a critical indicator of network security and efficiency but has intensified the pressure on miners already grappling with a profitability slump.
The hash price, an important profitability metric, currently sits at $0.09 per terahashes per second per day, according to the data compiled by HashrateIndex, down from its recent high of $0.136 on December 17.
The decline in profitability is primarily due to sustained high fee pressure in Bitcoin’s mempools and the backlog of unconfirmed transactions. This congestion, persisting for almost a year, not only raises costs for miners but al
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