Bitcoin’s hashrate reached post-halving bottom, analysts say

As Bitcoin surges above $60,000, analysts at Hashrate Index say it is not yet clear whether the network is “out of danger.”

Bitcoin’s (BTC) difficulty is expected to undergo a “nasty positive adjustment” this week as the network’s hash rate appears to have found a “post-halving bottom,” analysts at Hashrate Index say, suggesting the market should “wait to see how brutal the summer in the US will be.”

Bitcoin hashrate index in USD | Source: Hashrate Index

In a weekly research update, analysts noted that Bitcoin’s 7-day average hash rate rose above 600 EH/s for the first time since mid-June, but stressed that “it is unclear whether the network is out of danger yet.” With Bitcoin’s difficulty increasing, miners “may enjoy a (very small) increase in hash rate,” which could reduce selling pressure from this group of BTC holders.

“Transaction fees are still low, which is great for users but not so great for miners. Last week, Bitcoin miners earned just 97.92 BTC in transaction fees, an 11.6% decrease from 110.73 BTC the week before.”

Hashrate Index

Analysts noted that the hash price remained down on a monthly basis, adding that the Bitcoin mining sector, which is struggling with the upcoming adjustments, “will accept all the help it can get right now.”

The developments come after a recent drop in hashprice, a metric representing miner revenue per terahash, hitting an all-time low of $44.31/PH/day amid a deteriorating landscape amid the German government’s transfer of thousands of BTC. The Hashrate Index previously noted that the mining environment is even harsher than in May 2021, when Chinese authorities cracked down on crypto mining and trading, sending the hashprice down from 379 PH/day to 203 PH/day.

At press time, the price of Bitcoin has surpassed $60,000 following a significant inflow of over $300 million into multiple spot Bitcoin exchange-traded funds (ETFs), marking the seventh day of positive inflows into these funds.