• Bitcoin miners have had a significant resurgence since the start of 2023.
• The network hash rate and mining difficulty have reached new record highs, indicating increased computational power requirements.
• Miner revenue has also experienced a 70% growth since the start of the year.
Bitcoin Mining Resurgence
The Bitcoin mining industry has seen a significant resurgence since the start of 2023, with both network hash rate and mining difficulty reaching new record highs. This indicates an increase in computational power requirements to mine BTC blocks on the blockchain, while miner revenue has also grown by 70%.
Network Hash Rate
According to Blockchain.com data, the network hash rate hit 342.16 EH/s on April 7th, with Foundry USA and Antpool dominating at 33.9% and 18.7%, respectively. This steady uptrend follows the 8% surge around March 23rd last month, as well as 1.16% and 9.9% increases prior to that date.
The latest push in network hash rate elevated the metric for mining difficulty to 47.89 trillion at a block height of 784,224 on April 7th – an all-time high that marked its fourth consecutive increase of more than 2%. This makes it increasingly harder for miners to mine BTC blocks but also presents them with greater potential rewards for doing so successfully.
Data revealed that miners’ revenues have improved substantially since March this year after experiencing a slow but steady growth since late 2022 – increasing by 70% since January 2021 alone thanks to higher computational power requirements and higher reward rates for successful mining efforts across the board..
Overall, these positive trends indicate that Bitcoin miners are benefiting from increased operational efficiency due to higher demand for their services coupled with greater rewards for successfully mined blocks – leading many towards renewed profitability despite increased difficulty levels on one hand, and lower block rewards per successful attempt on another hand .