Bitcoin Hash Rate Hits New All-time High Setting the Stage for Energy Companies
The Bitcoin hash rate hits a new all-time high while ExxonMobil enters the Bitcoinsphere, interestingly enough
Rising Bitcoin Hash Rate Sets The Stage For Energy Companies
“According to Blockchain.com, the Bitcoin hash rate has reached its peak. The metric hit 267 exahashes per second (EH/s) on November 1, a nearly 60% increase since January 2022.
Founder of Capriole Fund, Charles Edwards, commented on the issue of Bitcoin’s surging hash rate. Edwards said that many efficient top government and oil companies are joining the mining business. A few days ago, the Bitcoin hash rate hit a 9% increase from its all-time high.
The Capriole founder added that it was not a sign of miner capitulation but a bullish sentiment. Nevertheless, it may prove bearish in the short term since miners sell tokens to cover expenses and maintain their business.
He affirmed that big oil firms would soon become top players in the Bitcoin mining community.
Big Oil Moves Suggest Imminent Mining Dominance
Edward’s prediction is already playing out. Earlier in 2022, a Bloomberg report revealed that ExxonMobil is working with Crusoe Energy Systems to mine BTC in North Dakota. In June, reports showed that the oil subsidiary of Gazprom, a Russian natural gas firm, would supply energy to the mining firm BitRiver.
The usage of gas flare energy, a by-product of crude oil, has increased recently in the Bitcoin mining industry. Earlier in October, YPF, an Argentina State-owned energy firm, announced its plan to convert gas flare energy to power BTC mining.