By Nermeen Nabil Khear 
As BTC hovers near its new all-time highs, the Bitcoin network hashrate has also seen record-breaking figures. The network’s 7-day simple moving average hashrate recorded an all-time high of 805 EH/s on December 15th. The Bitcoin network hashprice also made new highs of $64.53/PHS/Day.
The network’s hashrate has registered record-breaking numbers following BTC’s rising value against fiat currencies such as the US dollar and U.S. dollar-pegged stablecoins. The digital asset is trading at $107,080, according to data from CoinMarketcap.
Hashrate Index shows BTC network hashrate has hit a new all-time high
Both Bitcoin price and mining difficulty have hit a new all-time high today. 🚀 pic.twitter.com/RHNyyLTx0W
— Dr. Jan Wüstenfeld (@JanWues) December 16, 2024
Data from Hashrate Index shows that the Bitcoin network’s seven-day simple moving average network hashrate hit an all-time high of 805 EH/s on December 15th. The current reading outperformed the previous high of 789 EH/s recorded on 22nd November.
Bitcoin miners also seem to reap better revenue as the asset’s prices continue to surge. Data from Hashrate Index shows that the Bitcoin hashprice index also surged to $64.53/PHS/Day on December 16th, a figure last seen earlier this month.
The increasing hash power has caused fluctuations in block times that have dropped below the ten-minute average. According to BitInfoCharts, Bitcoin’s block time has dropped below ten minutes six times since December 1st, with the lowest figure being 8.471 minutes recorded on December 13th.
A chart from Glassnode shows that Bitcoin mining difficulty has also increased significantly, hitting new all-time highs. The higher difficulty enhances the Bitcoin network’s security, making it more resilient and less prone to attacks.
Marathon Holdings increases MoM mining production by 26%
Amid the rising Bitcoin hashprice, leading BTC mining companies registered positive mining results in November. Marathon Holdings announced November was a record-breaking month that saw the miner mine 907 BTC, increasing production by 26% month-over-month.
The miner also declared that it had bought an additional 6,474 Bitcoin in November. At the time of this publication, the miner’s total Bitcoin balance is 40,435 Bitcoin worth $4.02 billion as per data from Bitcoin Treasuries. Marathon is the second largest corporate Bitcoin holder after Microstrategy.
Riot Platforms Bitcoin mining hit 495 BTC in November
On the other hand, Riot Platforms announced it mined 495 Bitcoin in November. The miner also purchased an additional 5,117 Bitcoin worth about $510 million at an average of $99,669 per Bitcoin on December 13th.
The miner bought the asset between December 10th and December 12th, bringing its total Bitcoin holdings to 16,728, worth about $1.74 billion at current BTC prices. The U.S.-based mining firm currently ranks third among major corporate Bitcoin holders, including software company Microstrategy and Bitcoin mining firm Marathon Digital Holdings.
Core Scientific revealed in its November operations update that it had mined 314 Bitcoin, a lower figure than October’s 369 self-mined Bitcoin. The company also announced it had earned about 29 Bitcoin hosting customers.
The announcement also revealed that the miner sold 272 Bitcoin for approximately $23.2 million. CleanSpark announced it had mined 622 Bitcoin in November with an average hashrate of 32.32 EH/s. The miner reported having 9,297 Bitcoin as of November 30th.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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