Bitcoin

<ul>
 <li>The hash rate of BTC hit a record high of 544 exahashes per second (EH/s) yesterday.</li>
 <li>The announcement follows a 130% increase in network hash rates since January.</li>
</ul>
The computing power of the Bitcoin network, often known as the mining hash rate, hit a new record high recently. However, with profitability taking a nosedive, miners are feeling the heat.
According to <a href="http://blockchain.com" target="_blank" rel="noopener noreferrer nofollow">Blockchain.com</a>, the hash rate of <a href="https://thenewscrypto.com/bitcoin-witnesses-brief-correction-post-recent-consolidation/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> hit a record high of 544 exahashes per second (EH/s) on December 25. The information was validated by Bitinfocharts, which noted a weekend high in the average hash rate.
The announcement follows a 130% increase in network hash rates since January, which has more than doubled this year. In late November, network hash rates initially surpassed the 500 EH/s milestone.
<h3 class="wp-block-heading" id="h-profit-shrink">Profit Shrink</h3>
The price of bitcoin has climbed by almost 150% since January 1, 2023, which is almost in line with the figure showing the growth of bitcoin hash rates. Theoretical pricing models, such implied hash-adjusted price, benefit from a high hash rate, while <a href="https://thenewscrypto.com/cipher-mining-acquires-over-37k-antminer-t21-miners-worth-99-5m/" target="_blank" rel="noopener noreferrer nofollow">miners</a>, who have to work harder to get the next block, don’t.
Profitability metric hash price has dropped in previous week as interest in BRC-20 ordinal inscription has waned. According to <a href="https://hashrateindex.com/" target="_blank" rel="noopener noreferrer nofollow">HashrateIndex</a>, hash price currently is $0.09/terahashes/second/day.
Since December 17 this year, when profitability peaked at $0.136/TH/s/day, it has declined by 34%. Instances of extreme demand, like the recent inscriptions frenzy, cause hash prices to skyrocket, leading to exorbitant transaction costs.
After suffering losses in 2022, Bitcoin has recovered to set a new yearly high and show signs of a strong year-end. Looking at previous patterns, it seems that there could be further growth in the future.
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Bitcoin Hash Rate Hits Record High, Miner’s Profits Plummet

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