Journalist
Posted:
- The hash rate of the Bitcoin network has increased.
- BTC maintained a trend above $50,000.
Recent data indicated that Bitcoin’s rise [BTC] Notably, prices have affected both network issues and hash rate. How have these changes affected miners’ incomes?
Bitcoin’s difficulty is increasing
AMBCrypto’s research on Bitcoin’s hash rate showed an increase consistent with the recent price increase.
At the time of writing this article, Glassnode data showed the hash rate was over 610 trillion. While this is not the highest recorded hash rate, it is among the peak levels seen in recent months.
Source: Glassnode
The increased hash rate has also contributed to the increased network problems. AMBCrypto’s difficulty analysis indicated a substantial increase in recent days, reaching the highest level in months.
Bitcoin miner compensation falls to its lowest level this year
Although Bitcoin’s network problems and hash rate increased, the miner’s fee did not show a corresponding upward trend. An analysis of miners’ earnings showed a recent decline.
Starting with a monthly amount of over 5%, the rate peaked at over 15% at one point. However, at the time of writing, the fee had fallen to around 3%, the lowest point of the year so far.
It is worth noting that this current fee is not the lowest observed in recent months: a range of 1.6% was recorded between July and October 2023.
BTC maintains a trend above $50,000
The price development of Bitcoin, analyzed daily by AMBCrypto, showed a decline of almost 1% on February 17. Despite this downturn, the price remained above $50,000 for the fifth day in a row.
At the time of writing, the stock was trading around $51,800, up less than 1%. The short moving average (yellow line) acted as a support level, around $44,300.
This meant that if there was a decline, the price would likely remain above the yellow line.
Source: trading view
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The bullish trend was also evident in the Relative Strength Index (RSI), which at the time of this writing was just below 80, indicating a robust bull trend.
To witness an increase in miner fees, additional networking activities would be required in conjunction with these other metrics.