Bitcoin Hash Rate Touches the Highest Level in 2 Months
Bitcoin mining has always been one of the hottest topics in the crypto ecosystem because of the energy usage in its mining operations. While BTC’s mining difficulty has decreased in the past few months, its hash rate has...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Bitcoin mining has always been one of the hottest topics in the crypto ecosystem because of the energy usage in its mining operations. While BTC’s mining difficulty has decreased in the past few months, its hash rate has climbed.
According to the data published by Blockchain.com, the total Bitcoin hash rate is currently hovering near 225 Exahash, compared to an all-time high of 231 Exahash in June this year. Since October 2021, BTC mining revenues have decreased by more than 60%.
After witnessing a minor price recovery in the first half of August 2022, Bitcoin’s price has dropped by almost 6% in the last seven days. BTC’s market dominance has also plunged in the past week. According to Coinmarketcap, BTC now accounts for nearly 40% of the total market cap of digital currencies.
Sustainable Mining
Amid criticism regarding the usage of electricity in BTC mining, several leading crypto miners are exploring different ways of clean mining.
Commenting on the recent developments across the Bitcoin network, Marcus Sotiriou, an Analyst at GlobalBlock, said: “Whilst Bitcoin hovers around $20,000, Bitcoin mining is becoming more and more sustainable. It has been reported that around half a dozen Colorado-based gas and oil companies are teaming up with bitcoin miners in order to implement gas-to-Bitcoin flare mitigation solutions. This is after Colorado banned gas flaring, venting and the release of raw gas into the atmosphere in November 2020.”
"In addition, crypto farms in Russia are being supplied with electricity generated by small power plants, which burn associated petroleum gas (APG). APG is a by-product of the extraction of black gold. This does not cost anything for oil companies, as they are required to dispose of APG anyway, but now they can earn extra revenue from APG. The ability for oil and gas companies to power Bitcoin miners with by-products of their operations, consequently leading to more revenue whilst benefiting the environment, is a great advert for Bitcoin’s future,” Sotiriou explained.
This article was written by Bilal Jafar at www.financemagnates.com.Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Finance MagnatesRelated market context
Monero Hashrate Nears Record Highs as XMR Price Gains 70% in a Year
Monero’s network hashrate is hovering near historic highs, but its mining distribution tells an equally compelling story. On Monda...
Canada’s Stablecoin Draft Allows Usage Rewards, Bars Issuers Paying Yield via Third Parties
Canada’s Department of Finance has published draft Stablecoin Regulations that spell out where a permitted reward ends and a banne...
Strategy makes record $205 million STRC buyback as Strive spends $511 million on Bitcoin
Bitcoin treasury firms Strategy and Strive made record purchases last week, but directed their capital toward different assets. Wh...
Ripple expands corporate treasury platform with AI automation and 24/7 returns
Ripple's AI-driven treasury platform could redefine corporate finance by integrating digital assets into mainstream financial oper...
Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock
Bitcoin Magazine Strategy (MSTR) Pauses Bitcoin Buying and Spends $205 Million on Preferred Stock Strategy reported no bitcoin pur...
BNB New Layer 1 Puts CZ’s Ecosystem Strategy in Focus as ASTER Builds Its Own Chain
Changpeng Zhao’s vision for a multi-chain crypto ecosystem is coming into sharper focus as BNB Chain develops a new Layer 1 blockc...