- Despite the recent bout of sideways price action that has the top crypto languishing near support at $26,000, the Bitcoin network continues to grow stronger by the day as the network recently hit a new all-time high hash rate amid rising institutional interest in cryptocurrency mining.
Bitcoin’s hash rate has steadily been climbing since the midway point through the 2021 crypto market rally, increasing more than 4.8x since that time when the network registered 84.8 EH/s.The network’s difficulty gauge also hit a new all-time high as the difficulty rate is designed to automatically fluctuate depending on miner activity to ensure that the Bitcoin block time remains consistent at 10 minutes.On August 22, Bitcoin mining difficulty increased by 6.17% to hit an all-time high of 55.
According to an analysis by Cambridge University and MacroMicro, on August 27, the average cost to mine a single BTC was $45,877 versus the spot price of $26,089, which represents a loss of $19,588 per BTC mined.According to HashPriceIndex, revenue is now just $0.060 per terahash per second per day, around half of what it was in early May when the Bitcoin Ordinals inscription frenzy caused a heavy demand for block space.
According to a report from Bloomberg on Thursday, mining companies have been relying on funds from stock sales to keep them in operation during the ongoing bear market. The 12 major publicly traded miners raised roughly $440 million through stock sales in Q2, “a jump of almost 60% from the previous three months,” Bloomberg said.