Bitcoin hash rate spiked to 398 exahash on March 23, with analysts speculating the spike is connected to miners coming back online in response to the BTC price rise.
“While Bitcoin's price was so low and as much inventory as possible was brought online last year, at some point, maximum capacity of what the network could handle was reached," he said.
“Now that the price has been rising again and some time has passed, more of this inventory has been able to go online,” Wouters added. In addition, Wouters says that Hydro models are starting to get into the market, and they have"250+ TH/s per machine, which adds tremendous hash rate."from investment banking company Stifel shared a similar sentiment, speculating that the recent spike could be connected to miners bringing hardware back online.
"We anticipate overall network hash rate will continue to climb higher as a result of attractively priced hardware being bought up by well-capitalized miners.", explained the company is currently maximizing the hash rate of all its rigs and has recently brought more online at its new Nautilus Cryptomine facility.
"Wulf has the opportunity to add 80 MW of capacity at LMD and 50 MW at Nautilus. The recent price movement is an indication of the long-term value of the ability to expand at low-costt energy sites,” Khan said.
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