Bitcoin Hash Rate Spikes as Miners Return to Profitability
Bitcoin’s hash rate has recently spiked to all-time highs, reaching 398 terahashes per second on March 23, as miners come back online to take advantage of the BTC price hike. Analysts believe that the increase in hash rate is due to a combination of factors, such as new facilities going live, unused mining inventory coming online, and entrepreneurs finding cheaper sources of mining.
Stifel, an investment banking company, anticipates that the network’s hash rate will keep increasing because well-capitalized miners are purchasing hardware at attractive prices. Despite the recent surge, some miners like TeraWulf do not expect the network hash rate to continue to increase through the first half of the year due to the lag time between investment decisions and capacity coming online.
