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Bitcoin hash rate nears ATH of May 2021 as mining industry recovers

After the mining ban in China, the hash rate of Bitcoin fell down, which also collapsed its price. But since then, as companies and firms moved out of China to set their mining operations elsewhere, the hash rate continued to climb up. And now, as we are trading above $61k, the Bitcoin hash rate nears ATH that was achieved in May 2021. This has happened as the price of BTC has surged, which has made even old mining rigs from 2016 profitable.

Bitcoin mining hash rate

Bitcoin hash rate near ATH

At present, the total hash rate for Bitcoin has crossed over 184 exahash per second. And as I said above, this is due to the increasing prices of Bitcoin. Even though the old rigs won’t give nearly as much profit as the latest ones, the firms will definitely use them for some profits. And considering it’s a large firm, the number of old rigs will be substantial too. But yes, do note there is a limit to this; only rigs that produce over 8 terahash per second are profitable. And after the latest dip, this number might have increased a bit.

After making a low in July 2021, the hash rate of BTC has recovered continuously, and the movement towards a new ATH is bullish. It has been observed that the price of BTC and hash rate are directly proportional to each other. The increase of one affects the other and vice versa.

Profits of BTC miners

The US overtakes China as largest Bitcoin mining hub

Image Source: Coingape

The top mining rigs right now can give some good profits for Bitcoin miners. At the top, we have MicroBT Whatsminer M30S++ with a hash rate of 112 Th/s. And then, the next two are iPollo B2 and Bitman Antminer S19 Pro with hash rates of 110 Th/s each. Considering the price of $0.12 per KWh, these devices can churn out over $30 per day. I am not being specific with the number because the profits will vary with the rising and falling prices of Bitcoin.

Now, this number is very less if you compare it to the top-end Ethereum mining rig. The Innosilicon A11 pro with 1500 MH/s can produce over $100 per day with the current price of Eth.

What are your thoughts as Bitcoin hash rates nears ATH? And do you think that it will continue to increase? Let us know in the comments below. Also, if you found our c0ntent informative, do like and share it with your friends.

Also Read: Paradigm plans to invest in crypto companies and protocols with their $2.5B venture fund.



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