No miners’ capitulation is evident on the Bitcoin network as the hash rate has been gradually growing to a new all-time high above 160 million TH/s. Miners seem well paid off for their work as they made $4 million in a single hour yesterday, which was a record of its own. BTC Hash Rate and Mining Difficulty to Record Levels Bitcoin miners are the heart of the network as they put their computational devices to work to make it more secure and robust. A hash rate is a measuring unit of all the processing power put into the BTC network. The general rule of thumb dictates that the higher the hash rate goes, the safer the network becomes. And, data from Blockchain.com showcased that miners have been indeed working hard lately, especially since early November. At the time, miners based in China’s Sichuan province migrated out of the region following the end of the rainy season. As a result, the hash rate plummeted by more than 25% in merely a few weeks. However, as they settled in other territories, the hash rate returned to its previous levels. Not only that, but it continued further ahead to new records. This led to a fresh all-time high of over 160 million (TH/s), registered earlier this week. It represents a 50% increase since the November drop. Another metric tightly connected with the hash rate that can prove that miners are working hard on the BTC network is the mining difficulty. It’s an automatic adjustment process scheduled to occur on every 2,016 blocks (or roughly two weeks) that can make it either harder or easier for miners to do their job, depending on the number of active miners. For instance, during the November drop, the difficulty adjustment made it 10% easier, as there were fewer miners on the blockchain. Since then, though, the difficulty has only increased and has surged to a new record above 21 trillion. Miners Make Millions in Hours Since miners receive 6.25 BTC per block for their work, the price of the cryptocurrency is the most vital part of their rewards when considered in fiat currencies (For example, USD). Data from the analytics company Glassnode shows that they also reached a record with their rewards in USD terms yesterday. Miners made more than $4 million in a single hour for their work, which Glassnode classified as the “higher hourly miner revenue in Bitcoin’s history so far.” Naturally, this has a lot to do with BTC’s price spiking to a new all-time high at about $49,000.
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