Bitcoin Blockchain hashrate is increasing, revealing a growing dislocation between the network activity and the native token bitcoin (BTC) prices.
In a mobile average of 14 days, the hashrat, which represents the computational power required to extract a block in the Bitcoin Test of Work Block test, recently reached a historical maximum of 838 exahashes per second (eh/s), and in a 24 -hour time frame, increased to 974 EH/s, the second highest level, according to Glassnode data.
Measurement of a 24 -hour window can be misleading due to the variability of the blocking time, so the longest deadlines give more reliable ideas. In two days, Bitcoin’s difficulty adjustment is expected to emphasize every 2016 blocks to maintain a 10 -minute block interval, increase in more than 3%, reaching a new peak.
This divergence between the hash rate and the price is remarkable. While Bitcoin remains approximately 25% below its historical maximum, mining costs continue to increase. For miners to remain profitable and cover operating expenses and capital expenses, a strong price of bitcoin, complete blocks and high transaction rates are essential.
Currently, the miners obtain income through two channels: block rewards (3,125 BTC per block at the current time) and transaction rates. However, transaction rates are extremely low, averaging around 4 BTC per day, or approximately $ 37,634. As the Bitcoin block subsidy continues in half every four years, the activity of sustained or augmented transaction will be essential to maintain mining incentives.
Almost empty blocks
The Mononaut developer, of Mempool, recently pointed out that Foundry USA Pool extracted the “non -empty” block more empty in more than two years, which contains only seven transactions, a rarity that only exceeded a block with four transactions in January 2023.
In other words, while the hashrate in ascent paints an image of a booming network, the almost empty blocks make it the case of a powerful train that accelerates through the tracks but without passengers.
That is a reason for concern for Nicolas Gregory, creator of the Mercury layer and former director of the Nasdaq Board.
“Half-vacuum Bitcoin blocks tell a story: Hawking The Store of-Value Line could sneak their future,” Gregory said in X.
“I hope that Bitcoiners realize that this space is more than just podcasts, spaces and the digital gold narrative ‘number ups’. If we do not have people who use Bitcoin for real trade, the game is over,” Gregory added.
