Bitcoin’s mining hash rate has reached an all-time high of 65,000,000 TH/s following positive price action that has seen the asset’s total market cap rise above $200 billion. This level is now firmly above its mid-2018 highs of nearly 60,000,000 TH/s.
Following Bitcoin’s parabolic move to the upside over the past few months, the total daily block and transaction reward paid to miners has also seen an almost five-fold increase, rising from under $5 million to currently above $25 million a day.
This new all-time high means Bitcoin’s hash rate has completed a dramatic reversal after falling to almost half its current total during the December 2018 capitulation in BTC price.
$2 billion in online hardware
Based on estimates from Litecoin founder Charlie Lee’s September conference talk in San Francisco, the current SHA-256 hash rate translates into around $2 billion in online hardware value for the Bitcoin mining network.
Other hourly costs for the network (based on a $0.1 per kwH electricity cost) come to around $605,000 in just electricity alone for those miners to hunt for 75 BTC which would currently trade at around $855,000.
With the next Bitcoin halving just 330 days away, between now and then, we may see a new bull market break out for Bitcoin mining before the hourly reward drops down to 37.5 BTC.
Mining difficulty is also up around 45% from the December low, while the price of Bitcoin has increased by over 260% in the same period.
As ROI for mining operations continues to outpace the returns for BTC, the sideline investor may again look to make a move into the crypto ecosystem to get their hands on one of the 3.2 million BTC that are yet to be issued into circulation.
For more news, technical analysis, and cryptocurrency guides, click here.
The post Bitcoin’s mining hash rate hits new all-time highs appeared first on Coin Rivet.