Bitcoin Hashrate Hits New ATH as BTC Surges to $107K; Miners Reap Record Rewards

Bitcoin hashrate reached a record-breaking 805 EH/s on Dec. 15, alongside BTC surge to $107K. Mining giants like Marathon and Riot Platforms reported significant production increases and asset purchases.

Bitcoin Hashrate Soars Amid New All-Time Price Highs

As Bitcoin (BTC) continues its meteoric rise, the network’s hashrate has surged to an all-time high, highlighting the increasing computational power dedicated to securing the blockchain.

Record-Breaking Hashrate and Rising Hashprice

According to Hashrate Index, the seven-day simple moving average hashrate hit a peak of 805 EH/s on December 15th, surpassing the previous record of 789 EH/s from November 22nd. Simultaneously, Bitcoin’s hashprice—a measure of miner revenue—spiked to $64.53/PHS/Day on December 16th, reaching levels unseen since earlier this month.

This boost comes amid Bitcoin’s price rally, with BTC trading at $107,080, as per CoinMarketCap. Rising prices have incentivized miners, driving higher hash power and strengthening the network’s overall security.

However, the increased hashrate has caused block times to fluctuate below the average ten minutes. BitInfoCharts data reveals that block times dipped as low as 8.47 minutes on December 13th, underscoring the network’s heightened activity.

Bitcoin Mining Firms Record Major Gains

The surging hashprice and network hashrate have translated into record performances for leading Bitcoin mining companies:

1. Marathon Digital Holdings
   • Marathon mined 907 BTC in November, marking a 26% month-over-month production increase.
   • The company also acquired an additional 6,474 BTC, bringing its total Bitcoin reserves to 40,435 BTC valued at $4.02 billion.
   • Marathon remains the second-largest corporate BTC holder after MicroStrategy.
2. Riot Platforms
   • Riot Platforms mined 495 BTC in November and recently purchased 5,117 BTC worth $510 million at an average price of $99,669.
   • Riot’s total BTC holdings now stand at 16,728 BTC, valued at approximately $1.74 billion, making it the third-largest corporate holder.
3. CleanSpark and Core Scientific
   • CleanSpark mined 622 BTC in November, reporting an average hashrate of 32.32 EH/s and holding 9,297 BTC as of November 30th.
   • Core Scientific mined 314 BTC in November while hosting customers contributed 29 BTC. The miner sold 272 BTC for approximately $23.2 million to manage operational expenses.

Bitcoin’s Network Security Strengthens

Data from Glassnode indicates that Bitcoin mining difficulty has also increased, achieving new all-time highs. This rising difficulty enhances the blockchain’s resilience, making it more secure against potential attacks.

Conclusion

With BTC nearing record prices and the hashrate at historic highs, the Bitcoin network remains stronger than ever. Mining companies continue to capitalize on the favorable market conditions, further solidifying their role as key players in the cryptocurrency ecosystem.

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