Bitcoin Hash Rate Hits Record High as Miners Profit from Price Surge

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Bitcoin’s price has recently surged from around $54,000 to approximately $64,800, leading to a notable drop in miner outflows and a significant boost in mining hash rate. This increase in hash rate is expected to contribute to greater price stability for the cryptocurrency.

Bitcoin Hash Rate Sets New Record

On July 26th, during the Bitcoin 2024 conference, the 7-day average mining hash rate reached a new all-time high of over 667 exahashes per second (EH/s), surpassing the previous record of 657 EH/s set on May 26th. This milestone was announced during the Bitcoin 2024 conference, where former President Donald Trump voiced support for the Bitcoin mining sector.

Major players in the mining industry are capitalizing on this hash rate surge. Whatsminer has introduced four new mining rigs and a solar mining container system, while MicroBT has launched its M6XS+ miners, capable of handling between 190 to 450 terahashes. 

Meanwhile, Riot Platforms has also expanded its operations by acquiring Block Mining for $92.5 million. In addition to hardware upgrades, miners are exploring AI integration and new acquisition opportunities to address ongoing challenges within the industry.

Rising Miner Revenues

According to CryptoQuant analysts, the increase in Bitcoin’s price over the past few weeks has led to a nearly 50% rise in daily miner revenues. Currently, daily revenues are around $32 million, up from a low of $22 million in early July. This revenue boost is helping stabilize the network as it cools previous selling pressures.

Daily miner outflows have also decreased, ranging between 5,000 BTC and 10,000 BTC in July, a notable drop from the 10,000 BTC to 20,000 BTC range seen in March when Bitcoin first approached $70,000. This reduction reflects a cooling in market volatility and growing confidence among miners.

Bitcoin Testing Key Support at $64K

The rising hash rate and increasing miner revenues signal strong confidence in Bitcoin’s long-term viability.  As of now, Bitcoin is currently trading at $64,846, down by 1.9%, with a market cap of $1.279 trillion. 

However, the price has been stuck between $64K and $68K, hitting the $68K resistance twice without breaking through and now testing the $64K support level. If Bitcoin can break out of its current pattern, it might rise toward the $68K resistance again. 

However, if it falls below $64K, the RSI shows bearish signs, and the next key level to watch is the 200-day moving average at about $61K. As long as Bitcoin stays above this average, the overall trend is still considered positive.