Bitcoin

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On Christmas day, the Bitcoin network achieved an historic milestone, recording an all-time high mining hash rate of 544 exahashes per second. This surge, reflecting a remarkable increase in hash rates since the year's commencement, echoes the digital asset's impressive price trajectory, which has soared by 163% since the beginning of the year.
<a href="https://x.com/maxkeiser/status/1739317451404263889?s=20" rel="noopener noreferrer nofollow">Max Keiser</a>, an influential&nbsp;<a href="https://u.today/this-is-exact-reason-why-spot-bitcoin-btc-etf-will-make-crypto-market-explode" rel="noopener noreferrer nofollow">Bitcoin</a> advocate and advisor to the president of El Salvador, recently took to social media, suggesting an implied hash-adjusted price for&nbsp;<a href="https://u.today/170-million-of-solana-sol-bitcoin-btc-and-ethereum-eth-liquidated-amid-crypto-flash-crash" rel="noopener noreferrer nofollow">BTC</a> that surpasses $400,000. While this sparks speculation about potential price models, the practical implications are exerting increasing pressure on miners grappling with a substantial dip in profitability.
<blockquote>
 Implied hash-adjusted price for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is now over $400,000 🎄🎁 <a href="https://t.co/Bx06T0FSFm" rel="noopener noreferrer nofollow">https://t.co/Bx06T0FSFm</a>— Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/1739317451404263889?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 25, 2023</a>
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The parallel surge in both hash rates and&nbsp;<a href="https://u.today/bitcoin-btc-just-reached-new-all-time-high" rel="noopener noreferrer nofollow">BTC price</a> presents a paradox for the mining community. A heightened hash rate signifies that miners must intensify their efforts to secure the next block, translating into elevated operational costs and a challenging operational landscape.
<h2 dir="ltr" id="inscriptions-hype">Inscriptions hype</h2>
However, the euphoria surrounding the record-breaking hash rate is tempered by the hash price, a pivotal metric gauging mining profitability, which has experienced a downturn over the past week. Presently standing at $0.09 per terahashes per second per day, this decline is attributed to a fading interest in the BRC-20 ordinal inscription trend.
The profitability decline is underscored by a significant decrease from the 2023 peak on Dec. 17. This shift in hash price dynamics is a clear reflection of the diminishing enthusiasm surrounding inscription hype, which, in their heyday, led to increased demand and subsequently, elevated transaction fees.

Bitcoin to $400,000? Max Keiser Points to BTC Price Growth Estimate

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