Bitcoin mining has never been this competitive, with the network’s seven-day moving average hashrate reaching over 620 EH/s following the rally of bitcoin over the past week.
Network data shows bitcoin’s seven-day moving average hashrate set new records around 626 EH/s on Monday, up 12% from March 5 when bitcoin regained the much-anticipated $69,000 level to set fresh all-time highs.
Bitcoin’s seven-day average hashrate crossed the 600 EH/s level for the first time around Feb. 8 but had trended downward in the following weeks while bitcoin’s price began a 50% increase from $48,000.
Bitcoin is changing hands at $72,000 as of publishing and has taken over silver as the world’s eighth-largest asset by market capitalization.
The decrease in hashrate in February and the market momentum initially pushed bitcoin’s hashprice to almost $120/PH/s on Mar. 5.
However, the accelerated hashrate growth over the past week appears to have outpaced bitcoin’s price appreciation during the same time. As a result, the hashprice remains under $120/PH/s.
Meanwhile, bitcoin’s mining difficulty is set to change in about 2.5 days with an estimated 5.7% upward adjustment.
With the halving about 40 days away, it would be worth monitoring where bitcoin’s hashprice might be before the event as it determines the sustainability of mining operations worldwide.