Bitcoin hash rate hits all-time high

On June 12, hash rate of the Bitcoin network (smoothed over a seven-day moving average) reached a record high of 393.9 EH/s, according to Glassnode.

On May 31, the hash-rate–correlated mining difficulty metric rose to a high of 51.23 T. According to BTC.com, as a result of the expected recalculation within 24 hours, the metric is expected to rise by about 3% to 52.84 T.

The increase in difficulty amid the decline in Bitcoin price is putting pressure on miner profitability. Over the last 30 days hashprice fell from $0.0825 to $0.0671 per TH/s per day.

The rise in Bitcoin network hash power in recent days has occurred against a backdrop of falling prices for ASIC miners. Since late May, the price of latest-generation devices has fallen from $23.75 to $21.53 per TH/s.

As a reminder, in May miner revenue reached $916 million, a figure that has been rising steadily since November 2022.