Bitcoin mining hash rate spikes 60% despite plummeting revenue per terra hash

The Bitcoin mining hash complaint spiked arsenic precocious arsenic 298.5134 EH/s connected September 4, marking a +60% spike successful 24 hours.

Founder of fintech probe steadfast Quantum Economics, Mati Greenspan, commented that the surging hash complaint posted a caller all-time precocious for the starring cryptocurrency.

Huge spike successful bitcoin's hashrate this weekend. New grounds precocious attained. pic.twitter.com/p7AQZBxNuO

— Mati Greenspan (@MatiGreenspan) September 4, 2022

Far from being an outlier, an investigation of the hash complaint connected a yearly clip framework showed an uptrend of higher highs  — contempt a drop-off successful June following the Terra implosion and consequent liquidity crisis.

Throughout this period, Bitcoin’s terms has been trending downwards, adding further value to the statement that hash complaint and terms are uncorrelated.

Price uncertainty remains

After bottoming astatine $17,600 connected June 18, Bitcoin began a gradual uptrend which peaked astatine $25,100 connected August 15.

Since then, macro events person taken clasp arsenic marketplace participants workout caution implicit the menace of looming involvement complaint hikes.

Since August 28, BTC has been trending downwards and is presently caught successful a choky trading scope betwixt $19,400 and $20,400.

Source: BTCUSDT connected TradingView.com

Analyst MarcPMarkets precocious commented that bearishness successful the banal marketplace and the spiking dollar measurement dense connected Bitcoin. He said:

“…the bearish terms enactment successful the S&P and caller highs connected the Dollar are inactive facilitating an situation that favors LOWER prices implicit the coming week oregon two.”

Bitcoin miners nether pressure

Bitcoin miners are coming nether expanding unit amid terms uncertainty. The illustration beneath shows miner gross per terra hash continuing to descent since the marketplace apical successful November 2021.

Although a bottommost was deed successful precocious May, starring to a gradual summation successful gross per terra hash, caller events person triggered a crisp drop.

Source: Glassnode.com

Meanwhile, successful conjunction with the rising hash rate, mining difficulty is besides connected the up. On August 31, mining trouble jumped to 30.98 T — marginally beneath the all-time precocious of 31.25 T, which occurred betwixt May 11 and May 24.

For now, it’s each eyes connected the Bitcoin price, arsenic further sell-offs volition unit the slightest businesslike miners to shutter their operations.

The station Bitcoin mining hash complaint spikes 60% contempt plummeting gross per terra hash appeared archetypal connected CryptoSlate.