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Matrixport highlighted an important trend in Bitcoin mining with its latest chart published on July 24. Historically, Bitcoin hash rate has proven to be a reliable signal for predicting Bitcoin price movements. This trend became evident a year ago when the Bitcoin mining hash rate accurately predicted a decrease in Bitcoin’s value in May 2024.
What Do Current Data Say?
Matrixport’s current data reveals an interesting development: Bitcoin mining hash rate has recently experienced a recovery. This rise indicates that the pressure on Bitcoin miners struggling with low returns is starting to ease. The recovery in hash rate suggests that conditions for miners may be stabilizing despite challenging circumstances.
Recently, some Bitcoin miners had to shut down their equipment due to insufficient financial returns from mining activities. This action highlights the ongoing challenges miners face, including fluctuating Bitcoin prices and variable mining rewards. However, the recent recovery in hash rate may indicate that these challenges are diminishing.
Miners’ Income Remains Low
Despite the positive sign of hash rate recovery, miners’ income remains relatively low. Currently, miners earn approximately $32 million daily. This figure represents a significant drop compared to the $73 million they earned during the Bitcoin halving event on April 20, 2024. The halving, which occurs approximately every four years, reduces the reward for mining new blocks, impacting miners’ total income.
The contrast between the improvement in hash rate and the still low daily earnings is interesting as it shows the complex dynamics in the Bitcoin mining sector. While the improvement in hash rate indicates reduced pressure and potential improvement in mining conditions, the low income figures show that challenges persist.
Finally, looking at the Bitcoin price, at the time of writing, BTC price has exceeded the $66,000 level. BTC is trading at around $66,400.
