Bitcoin’s mining competition continues to rise amid surging on-chain activities and the looming halving.
On-chain data shows that the seven-day moving average of bitcoin’s network hashrate has increased to 480 EH/s while the three-day average has already crossed the 500 EH/s level.
After staying mostly flat at 460 EH/s for the first two weeks of November, bitcoin’s hashrate started to rise again on Nov. 15 to 470 EH/s and subsequently jumped above 480 EH/s over the weekend.
The rising competition follows the resurgence of transaction fees since earlier this month in part thanks to activities related to Ordinals.
As of Nov. 18, bitcoin miners had received about 2,201 BTC from on-chain transaction fees, which accounted for 12% of the total block rewards month-to-date. That already makes November the second-most rewarding month this year after May.
The hashrate increase has resulted in a near-term decline of bitcoin’s hashprice, which has dropped to $83/PH/s from a recent high of $96/PH/s, data from Luxor pool’s Hashrate Index shows.