Bitcoin [BTC] hashrate reached a new milestone — a point it has found difficult to attain since 8 June. According to CoinWarz, the BTC hashrate hit new highs in over two months.
The hashrate, which provides details of the computational power used to effect BTC transactions, was 248.61 exahash per second (EH/s) as of 26 August. Historical data revealed that the closest the hashrate got to was 236.50EH/s on 19 August.
This jump could be surprising, especially as the BTC price plummeted, losing the $22,000 hold and looking to fall below $20,000. So, does this mean that Bitcoin miners now have more power to get more BTC into circulation?
It could be too early to judge as the same hashrate had retracted its steps. At press time, the BTC hashrate was 216.49EH/s.
Source: CoinWarz
Got an invite
Incidentally, the hashrate was not the only one involved in the rally party. The Bitcoin block interval difficulty also followed. Usually updated every 2,016 blocks, the difficulty hit a height of 749,952, which was a 0.63% jump from the previous interval, according to BTC.com.
Source: Bitcoin.com
It is important to note that the block interval difficulty reached the milestone mentioned above at an average hashrate of 202.76 EH/s. Blockchain advisory organizations, BlocksBridge Consulting, had initially notified publicly of the update.
The company also projected that the difficulty could climb further in the coming days.
The average #Bitcoin block interval between current height (751055) and last diff epoch (749952) is about 9.18 minutes 🤌
Expecting a notable difficulty jump in less than 6 days. pic.twitter.com/PgYlg2Ii3n
— BlocksBridge Consulting (@BlocksBridge_) August 25, 2022
Interesting, they seem to be on the accurate side. Data from BTC.com indicated that the next difficulty is estimated at a 4.46% increase. Despite miners enjoying less difficulty two weeks ago, this increase may create a difficult path for them to increase their block rewards.
Jumping as well
While the difficulty level might have been expected to reduce BTC miners’ block rewards, it was not the case. According to Glassnode data, the miners’ block rewards revenue shot up from its dip as of 24 August.
The value of 912.5 as of the previous date mentioned increased to 1,100 as of 26 August. Interestingly, the revenue has maintained this level as of press time.
Source: Glassnode
Not only was there an increase, it was the second highest reward since July. The first being 1,112.5 on 19 August, the same day the hashrate skyrocketed before the most recent one.
With miners seemingly becoming profitable despite the BTC bear signals, a jump in the BTC price could even make it better, considering other influential factors.
