The Bitcoin network’s hash rate has reached an all-time high of 540 exahash, but it is struggling with throughput issues due to rising prices for miners and falling hash prices.
The hash rate on the Bitcoin network has reached an all-time high of 540 exahashes per second. However, despite this success, there is a worrying situation for miners. As Bitcoin’s hash rate increased, profitability decreased. With the hash rate increasing by a significant 130% in 2023, miners must put more effort into verifying each block, making their job even more difficult.
While Hash Rate Rises, Hash Price Drops
The hash price, a key indicator of miners’ income, has fallen 34% from its annual high of $0.136/TH/sec/day on December 17. Given the high energy costs and competitive market environment, this decline puts economic pressure on miners.
Additionally, miners have struggled to verify long-term transactions due to low transaction fees and network congestion that has persisted for almost a year. This negatively affects the overall functionality of the Bitcoin network and miners’ income.
