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Phoenix

The Bitcoin market is experiencing a surge on multiple fronts. While the price is grabbing headlines, the hashrate, a key security metric, has also skyrocketed to impressive levels. According to <a href="https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y" class="ek-link" rel="noopener noreferrer nofollow">BitInfoCharts</a>, as of June 7th, 2024, the seven-day average hashrate sits at a staggering 652 EH/s. This immense computing power signifies a robust and secure Bitcoin network.
<h2 class="wp-block-heading" id="h-post-halving-efficiency-boom">Post-Halving Efficiency Boom</h2>
The recent Bitcoin halving, which cuts the block reward for miners in half, could have dampened enthusiasm. However, the hashrate increase suggests miners are adapting through a focus on efficiency.
Technological Advancements: Companies are investing in efficient mining equipment, allowing miners to maintain profitability even with reduced block rewards.
Focus on Power Consumption: New mining rigs are being designed with lower power consumption in mind. This not only reduces operating costs for miners but also helps address environmental concerns surrounding Bitcoin mining.
Phoenix Group PLC, a giant in the Middle East’s Bitcoin mining realm and an influential force in blockchain technology worldwide, announced a monumental USD 187 million deal with <a href="https://www.unlock-bc.com/115694/phoenix-group-187m-deal-bitmain-amplifies-momentum-after-ipo-triumph/" class="ek-link" rel="noopener noreferrer nofollow">Bitmain </a>in January this year. This came after securing a groundbreaking $380 million contract with major mining hardware manufacturer <a href="https://www.unlock-bc.com/113711/phoenix-whatsminer-sustainable-mining-deal/" class="ek-link" rel="noopener noreferrer nofollow">Whatsminer</a>. Both agreements followed their IPO and listing on ADX as a public company, indicating a commitment to ensuring all their mining rigs are efficient and profitable post-halving. Phoenix are operating in Abu Dhabi, Oman, US, Canada and Europe.
Marathon Digital, whose shares surged 20% in the last six months on NASDAQ, announced that Marathon’s Ellendale facility’s operational improvements, including immersion cooling technology and the latest generation hardware, have raised the average operational hashrate during May to 25.7 EH/s, a 22% improvement over April. Marathon are operating in more than one site in Abu Dhabi, as well as in Kenya, US, Paraguay
<h2 class="wp-block-heading" id="h-institutional-investors-join-the-party">Institutional Investors Join the Party</h2>
The hashrate surge coincides with a growing presence of institutional investors in the Bitcoin market. These heavyweight players are attracted by the maturing market, increased regulations, and the emergence of Bitcoin ETFs, which are creating a more established and trustworthy environment for institutional investment.
<h2 class="wp-block-heading" id="h-a-symbiotic-relationship">A Symbiotic Relationship</h2>
The hashrate surge and institutional interest create a potentially positive feedback loop:
Stronger Network: A high hashrate bolsters network security, making Bitcoin more attractive to institutional investors seeking a secure asset.
Increased Demand: Institutional capital entering the market can drive up the Bitcoin price, further incentivizing miners and potentially leading to even higher hashrate.
<h2 class="wp-block-heading" id="h-the-future-pricing-unfolds">The Future Pricing Unfolds</h2>
As mining companies leverage new equipment and the network remains robust with efficient mining practices and growing institutional adoption, Bitcoin’s price could witness a surge in the coming days. This reflects the positive sentiment of being in a bull market, supported by a strong network and increased institutional interest.
The post <a href="https://www.unlock-bc.com/124292/bitcoin-hashrate-post-halving-efficiency/" rel="noopener noreferrer nofollow">Bitcoin’s Hashrate Hits New Highs: Post-Halving Boom Fueled by Efficient Mining Machines</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Bitcoin’s Hashrate Hits New Highs: Post-Halving Boom Fueled by Efficient Mining Machines

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