Computing power on the bitcoin network, or hashrate, reached 300.65 exahash per second (EH/s) Wednesday, as miners got some breathing room amid a bitcoin price rebound and a decline in energy prices.
The hashrate gained 100 EH/s within around one year, twice as fast as it went from 100 EH/s to 200 EH/s, data from Luxor Technologies shows. “It is a strong testimony of how institutionalized the industry has become,” said Head of Research at TheMinerMag Wolfie Zhao.
Starting in late 2021, mining firms took out big loans to build out mining capacity. This hypercharged the development of new mining sites, and the hashrate quickly climbed. However, the economics of mining also deteriorated significantly due to the increased competition and, later, the bear market – sending some of the industry’s biggest companies to bankruptcy court.
(By Eliza Gkritsi)
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