The Bitcoin network has seen a notable uptick in its hash rate, indicating growing mining activity.
Following its first-ever 500 EH/s day on Sep. 15, the network experienced a similar surge on Nov. 4 and 5, with hash rates reaching 521 and 514 EH/s, respectively. This suggests a marked increase in the number of miners joining the network, a trend likely linked to the anticipated Bitcoin halving event, which is set to occur in around five months or 24,436 blocks.
This increase in mining activity is anticipated to culminate in an upward adjustment to the network’s difficulty level, currently projected to exceed 4% by the end of the current difficulty epoch on Nov. 12.
Past epochs have shown a correlation between the approach of the halving and a rise in the hash rate, as miners seek to maximize their gains before the rewards are halved.
The Miner Revenue per Exahash is a critical metric that provides insights into the daily earnings of miners relative to their estimated contribution to the overall network hash power. It is derived by dividing the total miner income, denominated in USD or Bitcoin (comprising both subsidy and fees), by the prevailing hash rate expressed in EH/s.
As the competition stiffens and the quest for cost-effective energy sources heightens, this ratio is expected to decrease over time. Currently, the daily income per Exahash for miners is approximately $74,000 or around 2 BTC, underscoring the challenges they face in an increasingly competitive environment.