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<p>The post <a href="https://coinpedia.org/news/bitcoin-hash-rate-hits-record-high-as-miners-profit-from-price-surge/">Bitcoin Hash Rate Hits New High, Outflows Decline</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/news/is-americas-superhero-fueling-a-crypto-revolution-trump/">Bitcoin’s price</a> has recently surged from around $54,000 to approximately $64,800, leading to a notable drop in miner outflows and a significant boost in mining hash rate. This increase in hash rate is expected to contribute to greater price stability for the cryptocurrency.</p> 
<h2 class="wp-block-heading" id="h-record-breaking-hash-rate-at-bitcoin-2024-conference">Record-Breaking Hash Rate at Bitcoin 2024 Conference</h2> 
<p>On July 26th, during the Bitcoin 2024 conference, the 7-day average mining hash rate reached a new all-time high of <a href="https://www.coinwarz.com/mining/bitcoin/hashrate-chart">over 667 exahashes per second</a> (EH/s), surpassing the previous record of 657 EH/s set on May 26th. This milestone was announced during the Bitcoin 2024 conference, where former President Donald Trump voiced support for the Bitcoin mining sector.</p> 
<p>Major players in the mining industry are capitalizing on this hash rate surge. Whatsminer has introduced four new mining rigs and a solar mining container system, while MicroBT has launched its M6XS+ miners, capable of handling between 190 to 450 terahashes.</p> 
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   <p lang="en" dir="ltr">We're excited to announce <a href="https://twitter.com/hashtag/WhatsMiner?src=hash&amp;ref_src=twsrc%5Etfw">#WhatsMiner</a> M60S+ which boasts hashrate of up to 210 TH/s, with power efficiency of 17 J/T. <a href="https://t.co/CvAdxlnuwF">pic.twitter.com/CvAdxlnuwF</a></p>— WhatsMiner (@Whatsminer_MBT) <a href="https://twitter.com/Whatsminer_MBT/status/1817181222461641204?ref_src=twsrc%5Etfw">July 27, 2024</a>
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<p>Meanwhile, Riot Platforms has also expanded its operations by <a href="https://www.riotplatforms.com/riot-announces-the-acquisition-of-block-mining-expands-riots-total-potential-power-capacity-to-2-gigawatts/">acquiring Block Mining for $92.5 million</a>. In addition to hardware upgrades, miners are exploring AI integration and new acquisition opportunities to address ongoing challenges within the industry.</p> 
<h2 class="wp-block-heading" id="h-rising-revenues-declining-outflows">Rising Revenues, Declining Outflows </h2> 
<p>According to CryptoQuant analysts, the increase in Bitcoin’s price over the past few weeks has led to a nearly 50% rise in daily miner revenues. Currently, daily revenues are around $32 million, up from a low of $22 million in early July. This revenue boost is helping stabilize the network by easing previous selling pressures.</p> 
<p>Daily miner outflows have also decreased, ranging between 5,000 BTC and 10,000 BTC in July, a notable drop from the 10,000 BTC to 20,000 BTC range seen in March when Bitcoin first approached $70,000. This reduction reflects a cooling in market volatility and growing confidence among miners.</p> 
<h2 class="wp-block-heading" id="h-the-future-outlook-for-bitcoin">The Future Outlook for Bitcoin</h2> 
<p>The rising hash rate and increasing miner revenues signal strong confidence in Bitcoin’s long-term viability.&nbsp; As of now, Bitcoin is currently <a href="https://markets.coinpedia.org/bitcoin/?_gl=1*19mps6s*_gcl_au*MTIyMjcxMTkyLjE3MjExMTk5NDE.*_ga*MTA0MzEzMjYzNy4xNzIxMTE5OTQx*_ga_RE1GG3FGQW*MTcyMjQ3ODkzNy4xNS4xLjE3MjI1MTY5NTAuNDcuMC4w">trading at $64,846</a>, down by 1.9%, with a market cap of $1.279 trillion.&nbsp;</p> 
<p>However, the price has been stuck between $64K and $68K, hitting the $68K resistance twice without breaking through and now testing the $64K support level. If Bitcoin can break out of its current pattern, it might rise toward the $68K resistance again.</p> 
<p>However, <a href="https://coinpedia.org/news/bitcoin-price-crash-are-long-term-holders-secretly-preparing-for-a-major-breakout/">if it falls below $64K</a>, the RSI shows bearish signs, and the next key level to watch is the 200-day moving average at about $61K. As long as Bitcoin stays above this average, the overall trend is still considered positive.</p> 
<p><strong>The future of Bitcoin mining looks brighter than ever! We’re excited, are you?</strong></p>

Bitcoin Hash Rate Hits New High, Outflows Decline

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