Posted 12/26/2023, 1:28:00 PM
Bitcoin Mining Reaches New Heights but Diminishing Returns Set In
- Bitcoin network hit record high mining hash rate of 544 exahashes per second on Christmas day
- Max Keiser suggested a hash-adjusted price for Bitcoin over $400,000
- Higher hash rates mean miners need to spend more on operations, lowering profitability
- Hash price, a metric for mining profitability, has dropped in past week to $0.09 per terahash per second per day
- Decreased mining profitability reflects diminishing hype around BTC ordinal inscriptions after recent peak