Data shows amid the panic of the crypto crash, the Bitcoin mining hashrate has gone flying to a new all-time high.
When the value of this metric rises, it means more mining rigs are coming online, which leads to an increase in the competition among miners.
This results in smaller BTC revenues for everyone involved as the rewards are fixed and are shared between the active hashrate.
On the other hand, a decrease in the indicator’s value implies miners are shutting down some machines, possibly because of their mining revenues not being able to pay off electricity costs.
Now, here is a chart that shows the trend in the Bitcoin hashrate over the past year:
As you can see in the above graph, the Bitcoin mining hashrate has gone up over the last few days, and has now made a new all-time high.
Since miners usually pay their running costs in USD, the value of their BTC rewards in the dollar is what matters to them.
Due to the crash, the price of the crypto has fallen down to around $21k, which would have delivered a blow to not just the hodlers, but also the miners.
The below table highlights the various metrics related to miners and their revenues.
While the table shows the daily Bitcoin miner revenues as $27m, the report notes that this is a 7-day average, and the actual value for the day of the crash is closer to $23m.
Below is a chart that shows the trend in the price of the coin over the last five days.