Bitcoin Hashrate Rebounds 11% Since Nov End, Can It Reach New ATH?

The Bitcoin hashrate has rebounded 11% since the end of November,  the difficulty adjustment should take place in about 3 days so will see another ATH?

Bitcoin Hashrate Rebounds 11% Since Nov End, Can It Reach New ATH?

Since mining rewards stay mostly the same, what high difficulty implies for individual miners is that their shares get smaller (as they are being divided among a larger hashrate pool now).

Miners had already been under immense pressure in this bear market so the difficulty explosion was enough to make it unprofitable to mine for some of them. This is why the hashrate plunged after the rise; the miners underwater pulled their machines offline. But since the hashrate suddenly decreased by such a large degree, the network had to respond by tuning down the difficulty as well.

With this lower difficulty, the Bitcoin hashrate has once again started to climb up as miners take advantage of the higher margins. The metric is now approaching close to the ATH. However, it’s uncertain whether the indicator can actually reach another high, as the next difficulty adjustment is estimated to take place in about 3 days, which will most certainly make mining much harder again, thus limiting the hashrate growth in the same way as the last difficulty rise did.

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Master Asked on December 16, 2022 in Bitcoin.
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