Bitcoin Hash Rate Reaches Historical High Demonstrating Strengthened Network Power

CoinWorld reports:
According to data from Bitcoin chain data website, the 7-day moving average of Bitcoin mining has surpassed the 700 EH/s mark, reaching a new historical high. Since the Bitcoin halving event in April, the hash rate has increased by over 13%. The hash rate also showed a growth of 6% in the past 7 days.
The price of Bitcoin hash rate has reached a new high in two months, reaching over $50 per second, and at the time of writing this article, it was corrected to slightly above $47 per second. The surge is due to the increase in Bitcoin transaction fees and coin prices.
Due to the surge in the current Bitcoin hash rate, the cryptocurrency market expects the Bitcoin difficulty to be adjusted. The Bitcoin difficulty is adjusted every 2016 blocks, with the next adjustment scheduled for October 23rd. The expected adjustment will exceed 4%.
However, the price of the leading cryptocurrency has dropped by about 1.1% today, falling below $67,000 at the time of writing this article. On the other hand, data from BitInfoCharts shows that the hash rate of Bitcoin has steadily increased since 2021.
Publicly listed American miners have contributed to the growth of Bitcoin hash rate.
New: United States.
According to JPMorgan, miners now contribute 29% of the network hash rate.
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– Simply Bitcoin (@SimplyBitcoinTV)
October 16, 2024
A recent report from JPMorgan shows that publicly listed Bitcoin miners in the United States contribute 28.9% of the current hash rate of the Bitcoin network. In the first half of this month, the stock prices of American miners in the Bitcoin industry also surged.
JPMorgan’s research also indicates that the percentage recorded by Bitcoin mining companies based in the United States has significantly increased, enhancing the country’s dominance in Bitcoin hash rate. Previously, China had the largest dominance in Bitcoin mining.
This year, American Bitcoin mining companies still have encouraging data. In September, data shows that American Bitcoin mining pools accounted for approximately 40% of the Bitcoin network’s mining power. However, Chinese companies still hold up to 55% of the Bitcoin mining power. The decline in China’s dominance occurred after the country banned all cryptocurrency exchanges and companies.
Interest in Bitcoin mining stocks on Wall Street is increasing.
Ahead of the November U.S. presidential election, institutional investors are showing growing interest in Bitcoin mining stocks. Some analysts speculate that the newfound interest is related to the perception that BTC mining stocks are safer than holding Bitcoin.
Other information shows that institutional investors are betting on the energy development of Bitcoin mining companies. A new policy requires Bitcoin mining companies to generate electricity.
Morgan Stanley’s global research head encourages CIOs of Wall Street companies to consider investing in Bitcoin mining. Matthew Sigel, Director of Digital Assets Research at VanEck, has confirmed in an October 14th post that details of the mining companies’ new energy policy have been revealed. Sigel also revealed that Bitcoin mining companies are increasingly interested in developing technologies, including machine learning and artificial intelligence.
User Dark Horseman predicts a bullish outlook for BTC due to increased interest. The user stated on Twitter that several institutional investors, including Fidelity, Metaplanet, and Samara Asset Group, are accumulating top-tier cryptocurrencies.