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18 Oct 2022
Bitcoin’s hashrate continues higher, albeit difficulty adjustment
The difficulty adjustment last week did not stop the surging hashrate, as we’ve seen new highs lately. However, the block production rate is now closer to normal, seeing daily fees recover.
Another all-time high for the Bitcoin hashrate last week, touching a 7-day average of 267 EH/s. The largest difficult adjustment since May 2021 did not scare miners, with more machines coming online.Source: Blockchain.com
However, the diff. adjustment has seen the block production rate decline closer to the target level of 6 blocks per hour – showing the power of these difficulty adjustments. As a result of fewer produced blocks, the competition for getting transactions included has increased again, resulting in more fees generated for miners – up more than 25% over the past week.Source: Bytetree
However, the lower block production rate has also seen the daily miner revenues decline to only $18 million per day.
We still believe that the Bitcoin hashrate is forming a 2022 top at these highs. You can learn more about our hashrate predictions in this piece.