News - Hashrate Explodes for Bitcoin Halving

By Ted Maas

Hashrate Explodes for Bitcoin Halving

Bitcoin (BTC)

Competition for "computing power" is reaching a peak: BTC miners are raising their hashrate solidly on the way to halving - and making a good profit.

The Bitcoin ecosystem is thriving: According to data from DefiLlama, Bitcoin is now one of the largest blockchain networks for DeFi applications. In the past year, the DeFi sector on Bitcoin has grown from less than US$200 million to US$927.56 million currently. The mining sector is benefiting from this.

miner reward

Miners earn about US$60 million a day. Income from transaction fees has increased since the Ordinals hype. However, most of it still comes from block rewards, which are currently 6.25 BTC per block found.

hashrate btc

Before the halving: miners increase the hashrate

In just under a month, Bitcoin block rewards will halve. Excluding fees, miners will earn only 3.125 BTC per block found. Reason enough to boost computing power and be competitive. At 629 exahash per second (EH/s), the hash rate marks the peak so far.

The hashrate is the accumulated computing power in the Bitcoin network. It increases with the number of miners competing to find new blocks. This also means: the difficulty in terms of computation goes up. This also makes the network extra secure.

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