Bitcoin Miners Minting Money At Record Level
By Laxmikant Khanvilkar
Mining Bitcoin has become more profitable activity now days than what it was in 2021, bringing back the usual hustle-bustle associated with mining activity as well as adding smile to miners face.
Bitcoin prices have gone through ups and downs during the last three years. After reaching its peak-level in November 2021, prices of the most popular virtual digital assets slumped towards $16,000 mark by late 2022.
Bitcoin mining has reached a new high in 2023, following recent strong increases. The hash rate indicates mining activity. This hash rate recently increased to nearly 400 EH/s. (exahashes per second).
To be clear, the hash rate is expressed in hashes per second. It is a computing power measurement unit in the proof-of-work network. 1 exa-hash is equal to one trillion hashes, or 10 to the power of 18 hashes. In early 2016, the Bitcoin network achieved an exa-hash per second for the first time.
The hash rate increased dramatically in the first three months of 2023, coinciding with or rather led by rise in Bitcoin prices that are up nearly 70%…..
Further support to Bitcoin was provided by the launch of Ordinals’ NFT. In fact, the quarterly fees for Bitcoin reached their highest since Q4 2021, with the advent of Ordinals’ NFT-like artifacts renewing network activity.
With the rise in price, the possibility of hacking the blockchain is very high. However, an increased Bitcoin hash rate, which measure of the network’s thermodynamic security, suggests of level of difficulty to attack the network from the outside.
The increase in hash rate is still a fundamental indicator of Bitcoin’s strength, which should be reflected in the Bitcoin price in the coming months and years
It’s important to look at a variety of indicators, including market sentiment, geopolitical events, regulatory developments, and technological advancements, to assess the potential for a strong bull market.
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