The Bitcoin ecosystem is thriving: According to data from DefiLlama, Bitcoin is now one of the largest blockchain networks for DeFi applications. Over the last year, the DeFi sector on Bitcoin has grown from under $200 million to currently $927.56 million. The mining industry benefits from this.
Miners earn around $60 million per day. It is true that revenue from transaction fees has increased since the Ordinals hype. However, the majority still comes from the so-called block subsidy, which is currently 6.25 BTC per block found.
Before the halving: Miners increase the hashrate
In just under a month, the Bitcoin Block Subsidy will be halved. Excluding fees, miners only earn 3,125 BTC per block found. Reason enough to increase your computing power and present yourself competitively. At 629 exahash per second (EH/s), the hashrate marks its highest point so far.
Hashrate is the accumulated computing power in the Bitcoin network. It increases with the number of miners competing to find new blocks. Also: the mining difficulty. This makes it an indicator of, among other things, the security of the network.
However, not all market observers believe that hash rate growth is sustainable. The major US bank JPMorgan predicts a noticeable collapse after the halving.
How much further does Bitcoin correct? Is the BTC market still overheated? In our current Bitcoin report “After Bitcoin overheating: How far will BTC correct?” We have compiled data and statistics that can help you navigate this dynamic market environment.
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