The hash rate can be referred to as the computational power used to mine a cryptocurrency. The upcoming halving event will slash the miners’ rewards by half.
The rising hash rate comes the backdrop of an all-time mining difficulty of the network, which currentlyThe Ordinals’ craze has a crucial role to play as well, as Bitcoin miners started deploying more and more mining machines, thereby boosting the network’s computing power. While high hash rates and mining difficulty hovering near record highs indicate that miners are bullish on Bitcoin, that has not stopped them from selling large volumes of BTC to crypto exchanges at a profit, as per Bitfinex’s latestMeanwhile, JPMorgan analysts suggest that Bitcoin’s price, as well as the transaction fees, will need to rise significantly to compensate for the lower block reward following the upcoming halving event, especially with volatile electricity costs and increasing...
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