Bitcoin hash rate hits new peak, but profitability tumbles

Bitcoin network computing power — or mining hash rate — reached a new all-time high on Christmas day, but has put putting more pressure on miners amid a slump in profitability.

On Dec. 25, Bitcoin’s hash rate reached an all-time high of 544 exahashes per second (EH/s), according to Blockchain.com. The data was confirmed by Bitinfocharts, which reported an average hash rate peak over the weekend.

It comes as network hash rates have more than doubled this year, climbing 130% since January.

Over the same period that BTC hash rates have increased, the asset’s price has virtually mirrored the chart, climbing more than 150% since Jan. 1, 2023.

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Dec-26-2023 08:57:00 AM