Bitcoin miners have reported a rising hashrate, a development that reflects growing confidence in BTC’s future value despite ongoing market uncertainties.
The term “hashrate” refers to the computational power used to secure the Bitcoin network by solving complex mathematical problems.
“This strengthened security can boost investor confidence, prompting greater accumulation by both institutions and individuals who see Bitcoin as a safe and appreciating asset,” she added.
“When hashrate grows, the Bitcoin network becomes more secure, reducing risks and enhancing its reliability as a store of value,” Cann explained.
Russell Cann, Chief Development Officer of publicly traded Bitcoin mining company Core Scientific, told Cryptonews that a rising hashrate reflects greater confidence in Bitcoin’s long-term value.
In a report published on January 6, the company also disclosed a 287.9% year-over-year increase in its hashrate. Taylor Monnig, CleanSpark’s CTO, told Cryptonews that the firm’s Bitcoin mining holding balance has grown over 236% – from 3,000 Bitcoin in December 2023 to above 10,000 last month.
US-based mining firm CleanSpark reported a total of 668 BTC mined in December and 7,024 BTC for the entire year of 2024.
Riot’s December 2024 operations update showed a 155% increase in its deployed hashrate for 2024.
“We have rapidly increased our hashrate, which now exceeds 39 exahash per second (EH/s), making us the second largest public mining company by production,” Monnig said. “We recently surpassed our 20,000 Bitcoin mined in just four years of mining, so holding almost half of that in our treasury demonstrates that we know how to grow while managing capital.”
According to TheMinerMag, US-based Bitcoin miner Foundry USA grew its hashrate from 157 EH/s at the start of 2024 to roughly 280 EH/s by December. The MinerMag also notes that Foundry is currently the largest mining pool by hashrate, controlling approximately 36.5% of the total Bitcoin network hashrate.
Notably, the United States accounted for over 40% of the Bitcoin network’s global hashrate at the end of 2024.
