Bitcoin miners are showing renewed confidence despite recent price declines. The network's hashrate reached a new all-time high of 627 exahash per second this week, indicating positive sentiment among miners following a period of selling.
Record Hashrate
Bitcoin miners hit a new all-time high hashrate of 627 exahash per second this week, according to a report by CryptoQuant. This increase follows an 8.5% drop in hashrate in early July, demonstrating a recovery in miner confidence.
Bitcoin Outflows Peak
On August 5, Bitcoin miner outflows spiked to 19,000 BTC, marking the highest level since March 18. This occurred as Bitcoin’s price touched $49,000, suggesting that miners were selling off to cover costs, as profit margins tightened to 25%, the lowest since January 2024.
Optimistic Outlook for Miners
Despite the challenging environment, miners are expanding their capacity, reflecting a bullish outlook for Bitcoin. BTC is currently trading just above $61,000, up 2.8% in the past 24 hours. This latest hashrate increase highlights the resilience of miners even amid market volatility.
Russian Bitcoin miners are confidently looking towards the future, despite recent price declines. The record hashrate and continuous expansion of mining capacity indicate the potential stabilization of Bitcoin prices, which may attract new investment flows into the sector.
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