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The hashrate of Bitcoin (BTC) 
$104,086, which indicates the computational power of mining, has reached an all-time high. According to Glassnode’s data, Bitcoin’s seven-day average hashrate soared to 833 exahash per second (EH/s), reflecting a 9% increase compared to the previously recorded level of 767 EH/s.
Surge in Bitcoin’s Hashrate
The mining power securing the Bitcoin network has significantly benefited from institutional investments over the past 18 months. According to The Miner Mag, mining companies increased equipment purchases ahead of Bitcoin’s halving event, which occurred in April 2024. However, following the halving, there has been a decline in pre-orders for mining devices, which analysts predict may slow down the growth of the hashrate.
For those unaware, halving refers to the reduction of block rewards by 50%, and as expected, mining revenues decreased after the recent halving. Nevertheless, a more than 40% increase in hashrate levels was observed, indicating that the mining sector is continuing to grow. Miners are turning to more efficient equipment to compensate for the reduction in block rewards, while rising operational costs continue to challenge the industry.
Current State of Miner Revenues
The profitability of Bitcoin miners has largely stagnated in recent months, primarily due to low transaction fees. According to Bitcoin’s mempool data, the average fee for a priority transaction is only 5 sat/vB ($0.69), marking one of the lowest transaction fees recorded in recent years.
The low transaction fees make it difficult for miners to secure additional income beyond block rewards.
Mining difficulty on the Bitcoin network is set to readjust in four days, with an expected 6% increase projected to reach new all-time highs. This situation may intensify competition for companies engaged in mining activities, potentially straining miners with less efficient devices. Although experts anticipate that transaction fees will eventually replace block rewards in the long term, current market conditions are delaying this transition.
