The Bitcoin mining hash rate soared to a new all-time high among the fear of the crypto market fall, according to data.
According to the most recent weekly analysis from Arcane Research, BTC miners’ income continues to decline as the price of Bitcoin plummets and competition reaches unprecedented levels.
Hashrate is an indicator that indicates the total amount of computational power connected to the Bitcoin network at any one time.
When this metric’s value grows, it indicates that more mining rigs are coming online, which increases competition among miners.
As the incentives are set and distributed across the active hash rate, this results in lower BTC earnings for everyone engaged.
In contrast, a decline in the indicator’s value indicates that miners are shutting down certain equipment, presumably due to insufficient mining income to cover power bills.
Since miners often pay their operating expenses in USD, the dollar worth of their Bitcoin payouts are what counts to them.
Due to the crisis, the price of the cryptocurrency has dropped to roughly $21,000, which would have been devastating for both holders and miners.
Miner earnings were already in the fall, but this drop coupled with the hash rate hitting new heights will result in a further decline. The table below illustrates the major monetary and mining-related parameters.
At the time of writing, the price of Bitcoin is about $21,500, a decrease of 30% over the last week. In the previous month, the value of the cryptocurrency decreased by 28%. Below is a chart depicting the price trend of the coin over the last five days.