This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin mining hashrate, which measures the total computing power connected to the Bitcoin blockchain, is showing impressive growth. When the hashrate increases, it indicates that miners are expanding their facilities and new miners are joining the network. Conversely, a decline suggests that miners are disconnecting their rigs, possibly due to unprofitability. The 14-day simple moving average of the mining hashrate has been consistently rising, demonstrating the ongoing attractiveness of mining Bitcoin. Despite the decreasing block rewards and periodic halving events, miners are still adding more rigs to the network. This is because the USD value of the rewards has increased alongside the surging price of Bitcoin. The mining industry has become highly competitive, with miners needing to keep up with the network’s growth to access greater rewards. Overall, the Bitcoin mining hashrate continues to accelerate, reflecting the industry’s cutthroat nature and the increasing efficiency of mining machines.