Bitcoin miners are trying to generate as much income as possible before the halving, which will be held in a few months.
Miners want to make as much profit as possible before block rewards are halved with the halving in April 2024.
“We’re seeing people rushing to plug in before the halving,” said Gregory Lewis, an analyst at global financial services company BTIG. said.
According to Blockchain.com data, the hash rate (the energy spent to produce coins) on the Bitcoin network has increased throughout the year and recently broke an all-time record. On November 12, miners’ daily income reached 44 million dollars, breaking the record of the year.
The income miners earn for one petahash per second has increased from $70 to $81 since the beginning of the month. However, according to the Hashrate Index, we are still far from the $127 levels reached at the beginning of the summer.
“Whenever the profitability rate increases, the hash rate and difficulty level on the network also increases,” said Ludovic Thomas, portfolio manager at Criptonite Asset Management. said.
While the halving is only a few months away, miners are trying to keep their profitability rates as high as possible.
William Szamosszegi, CEO of mining company Sazmining, told Reuters:
“With each halving, miners who do not play this game at a high enough level are excluded from the game.”