Bitcoin Hashrate Reaches Record 838 EH/s Amid Price Divergence
The Bitcoin blockchain's hashrate is at an all-time high, indicating increased network activity despite the price of bitcoin (BTC) being 25% below its peak. Key points include:
- 14-day moving average hashrate reached 838 EH/s.
- 24-hour hashrate peaked at 974 EH/s.
- Bitcoin's mining difficulty is set to increase by over 3% in two days.
- Miners currently earn revenue from block rewards (3.125 BTC per block) and low transaction fees averaging 4 BTC daily.
- Low transaction fees raise concerns about miner profitability as the block subsidy halves every four years.
- Recent data shows a "non-empty" block with only seven transactions, highlighting inefficiencies in network usage.
Nicolas Gregory warns that a lack of real commerce utilization could jeopardize bitcoin's future viability.