Journalist
Posted:
- BTC mining problems increased along with the hashrate.
- BTC’s price action, on the other hand, remained dormant.
Bitcoins [BTC] The mining sector hit an all-time high last week as the “combination of miner compensation and compensation” exceeded $46.7 million, according to a Nov. 26 tweet from IntoTheBlock.
Bitcoin hashrate hit a new all-time high this week! Thanks to the strong increase in the number of Ordinals, the rising demand for Ordinals significantly increases the profitability of the mining industry. The combination of rewards and compensation for miners reached an impressive $46.7 million, the highest in the past six months. pic.twitter.com/9aqQO4VutX
— IntoTheBlock (@intotheblock) November 26, 2023
Bitcoin Hashrate Reaches ATH!
AMBCrypto has taken a look at Coinwarz’ factswhich revealed that at the time of writing, BTC’s hashrate was 458.09 EH/s. An increase in hashrate means that there is an influx of new miners into the network.
The increase in BTC hashrate has also increased mining problems. According to Coinwarz, BTC’s difficulty rating at the time of writing was 67.96T.
Source: Coinwarz
AMBCrypto also took a closer look at Bitcoin’s network health to better understand the causes behind its rising hashrate ahead of the 2024 halving.
The demand from Ordinals is increasing
While the increase in hashrate could be due to the upcoming halving, another reason behind the increase was the increase in hashrate BTC The demand of the ordinals.
IntoTheBlock’s tweet stated that rising demand for Ordinals significantly boosted mining profitability. To be precise, the combination of rewards and allowances for miners amounted to an impressive $46.7 million, the highest in the past six months.
AMBCrypto then looked at Dune’s facts to see how Ordinals did. The total number of inscriptions up to press time was 44,545,049.
Moreover, the number of BTC daily inscriptions has accelerated over the past week, with the maximum number of inscriptions being the ‘text’ types, followed by the ‘image’ types.
The increase in Ordinals’ demand was also reflected in the fees. AMBCrypto’s analysis showed that the amount of Bitcoin registration fees followed a similar upward trend in recent days.
Source: Dune
Bitcoin moves sideways
Although the blockchain mining sector was booming, investors were not feeling their best as BTC’s price took a sideways path last week. According to CoinMarketCapBTC’s price has only moved marginally over the past seven days.
At the time of writing, BTC was trading at $37,381.51, with a market cap of over $730 billion.
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AMBCrypto’s analysis of CryptoQuant facts revealed quite a few statistics that could have potentially stopped BTC’s price from rising. For example, BTC‘s net deposits to the exchanges were high compared to the average of the past seven days, meaning selling pressure was high.
Moreover, the aSORP was in the red. This suggested that more investors were selling at a profit, signaling a possible market top.
Source: CryptoQuant