Bitcoin’s Hashrate Hits Post-Halving Low, Analysts Report

As Bitcoin surpasses the $60,000 mark, analysts from Hashrate Index are cautious about declaring the network’s complete recovery. The upcoming week is expected to bring a challenging adjustment in Bitcoin’s difficulty, as the network’s hashrate appears to have stabilized after the halving. However, the analysts at Hashrate Index advise waiting to assess the impact of the summer season on the U.S. power grid before drawing definitive conclusions.

In their latest research update, the analysts highlighted that Bitcoin’s 7-day average hashrate has exceeded 600 EH/s for the first time since mid-June. Despite this positive development, they remain uncertain about the network’s overall stability. With Bitcoin’s difficulty on the rise, miners may experience a slight uptick in hashprice, potentially alleviating selling pressures among BTC holders.

Transaction fees continue to remain low, benefiting users but posing challenges for miners. In the past week, Bitcoin miners earned a modest 97.92 BTC in transaction fees, representing an 11.6% decrease from the previous week’s 110.73 BTC. The hashprice, a key metric for miner revenue per terahash, has remained depressed on a monthly basis. Given the impending adjustments, the struggling Bitcoin mining sector is in need of any support available.

Recent events have seen a drop in hashprice, reaching an all-time low of $44.31/PH/day, exacerbated by significant transfers of BTC by the German government. Hashrate Index previously highlighted the current mining landscape as more arduous than during the Chinese crackdown on crypto activities in May 2021, which drastically reduced hashprice levels.

At the time of reporting, Bitcoin’s value surged past $60,000, driven by a substantial influx of over $300 million into various spot Bitcoin exchange-traded funds (ETFs). This marked the seventh consecutive day of positive capital inflows into these funds, signaling continued investor interest in the cryptocurrency market.