{"id":259483,"date":"2022-09-05T10:45:31","date_gmt":"2022-09-05T09:45:31","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=259483"},"modified":"2022-09-05T10:44:33","modified_gmt":"2022-09-05T09:44:33","slug":"bitcoin-mining-hash-rate-spiked-by-60-despite-plummeting-revenue-per-terra-hash","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-mining-hash-rate-spiked-by-60-despite-plummeting-revenue-per-terra-hash\/","title":{"rendered":"Bitcoin mining hash rate spikes 60% despite plummeting revenue per terra hash"},"content":{"rendered":"<p>The Bitcoin mining hash rate spiked as high as 298.5134 EH\/s on September 4, marking a +60% spike in 24 hours.<\/p>\n<p>Founder of fintech research firm Quantum Economics, <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/1566398704537542656\">Mati Greenspan<\/a>, commented that the surging hash rate posted a new all-time high for the leading cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Huge spike in bitcoin&#39;s hashrate this weekend. New record high attained. <a href=\"https:\/\/t.co\/p7AQZBxNuO\">pic.twitter.com\/p7AQZBxNuO<\/a><\/p>\n<p>&mdash; Mati Greenspan (@MatiGreenspan) <a href=\"https:\/\/twitter.com\/MatiGreenspan\/status\/1566398704537542656?ref_src=twsrc%5Etfw\">September 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Far from being an outlier, an analysis of the hash rate on a yearly time frame showed an uptrend of higher highs\u00a0 \u2014 despite a drop-off in June following\u00a0the Terra implosion and subsequent liquidity crisis.<\/p>\n<p>Throughout this period, Bitcoin's price has been trending downwards, adding further weight to the argument that hash rate and price are uncorrelated.<\/p>\n<h2>Price uncertainty remains<\/h2>\n<p>After bottoming at $17,600 on June 18, Bitcoin began a gradual uptrend which peaked at $25,100 on August 15.<\/p>\n<p>Since then, macro events have taken hold as market participants exercise caution over the threat of looming interest rate hikes.<\/p>\n<p>Since August 28, BTC has been trending downwards and is currently caught in a tight trading range between $19,400 and $20,400.<\/p>\n<figure id=\"attachment_259521\" aria-describedby=\"caption-attachment-259521\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-259521 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/BTCUSDT_2022-09-05_09-47-12.png\" alt=\"Bitcoin daily chart\" width=\"1280\" height=\"581\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/BTCUSDT_2022-09-05_09-47-12.png 1280w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/BTCUSDT_2022-09-05_09-47-12-300x136.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/BTCUSDT_2022-09-05_09-47-12-1024x465.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/BTCUSDT_2022-09-05_09-47-12-768x349.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><figcaption id=\"caption-attachment-259521\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Analyst <a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/P01epPfc-Bitcoin-Another-Sell-Signal\/\">MarcPMarkets<\/a> recently commented that bearishness in the stock market and the spiking dollar weigh heavy on Bitcoin. He said:<\/p>\n<blockquote><p>&#8220;&#8230;the <span class=\"tv-chart-view__tag-page-link\">bearish<\/span> price action in the <span class=\"js-inline-quote-ticker\" data-symbol=\"FX:SPX500\">S&P <\/span> and new highs on the Dollar are still facilitating an environment that favors LOWER prices over the coming week or two.&#8221;<\/p><\/blockquote>\n<h2>Bitcoin miners under pressure<\/h2>\n<p>Bitcoin miners are coming under increasing pressure amid price uncertainty. The chart below shows miner revenue per terra hash continuing to slide since the market top in November 2021.<\/p>\n<p>Although a bottom was hit in late May, leading to a gradual increase in revenue per terra hash, recent events have triggered a sharp drop.<\/p>\n<figure id=\"attachment_259501\" aria-describedby=\"caption-attachment-259501\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-259501 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/glassnode-studio_miner-revenue-per-terra-hash-3.png\" alt=\"Bitcoin miner revenue per terra hash\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/glassnode-studio_miner-revenue-per-terra-hash-3.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/glassnode-studio_miner-revenue-per-terra-hash-3-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/glassnode-studio_miner-revenue-per-terra-hash-3-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/glassnode-studio_miner-revenue-per-terra-hash-3-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/glassnode-studio_miner-revenue-per-terra-hash-3-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-259501\" class=\"wp-caption-text\">Source: Glassnode.com<\/figcaption><\/figure>\n<p>Meanwhile, in conjunction with the rising hash rate, <a href=\"https:\/\/www.coinwarz.com\/mining\/bitcoin\/difficulty-chart\">mining difficulty<\/a> is also on the up. On August 31, mining difficulty jumped to 30.98 T \u2014 marginally below the all-time high of 31.25 T, which occurred between May 11 and May 24.<\/p>\n<p>For now, it's all eyes on the Bitcoin price, as further sell-offs will force the least efficient miners to shutter their operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin mining hash rate spiked as high as 298.5134 EH\/s on September 4, marking a +60% spike in 24 hours. Founder of fintech research firm Quantum Economics, Mati Greenspan, commented that the surging hash rate posted a new all-time high for the leading cryptocurrency. Huge spike in bitcoin&#39;s hashrate this weekend. New record high [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":259558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2376],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin mining hash rate spikes 60% despite plummeting revenue per terra hash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-mining-hash-rate-spiked-by-60-despite-plummeting-revenue-per-terra-hash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin mining hash rate spikes 60% despite plummeting revenue per terra hash\" \/>\n<meta property=\"og:description\" content=\"The Bitcoin mining hash rate spiked as high as 298.5134 EH\/s on September 4, marking a +60% spike in 24 hours. Founder of fintech research firm Quantum Economics, Mati Greenspan, commented that the surging hash rate posted a new all-time high for the leading cryptocurrency. Huge spike in bitcoin&#039;s hashrate this weekend. 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