The Bitcoin (BTC) hash rate has surged to new heights and has exceeded 150 EH/s for the first time, with a peak of 151.7 EH/s recorded on September 6 and 151 EH/s on September 13.
This continues a gradual uptrend for the Bitcoin hash rate since the block halving in May, when the hash rate crashed from 136 EH/s to as low as 80 EH/s. At the time the block halving happened it appeared that a miner apocalypse was unfolding, where it seemed most mining farms were doomed to be wiped out due to the block reward being cut in half. However, the miner apocalypse never materialized, and now there is more hash rate than ever before in history.
The recent rise in Bitcoin hash rate is being fueled by a surge in total mining revenue, with miners earning $368.3 million of Bitcoin in August, up 23.2% month over month.
This surge in mining revenue is being driven by Bitcoin’s price generally staying above $10,000, which is historically high.
That being said, transaction fees are another factor which is increasing mining revenue, with 10.7% of all Bitcoin mining revenue in August being from transaction fees. Essentially, elevated transaction fees on the network due to high transaction traffic is significantly benefiting miners.
Perhaps the most impressive stat is that August’s Bitcoin mining revenues are similar to the mining revenues in March and April, which was before the halving.
Basically, due to Bitcoin’s price rise and elevated transaction fees, miners are earning the same amount of money now as they did before the halving.
Thus, the Bitcoin mining hash rate is at record highs, and it seems the mining arms race is once again in full force and additional hash rate records are likely in the coming months, especially if Bitcoin can break through the long term resistance levels at $12,000 and $14,000.