These once-unprofitable Bitcoin miners may have contributed to Bitcoin’s 14.7% increase in hash rate since the start of 2024.
Bitcoin miners have likely put their older crypto-mining machines back to work in the first quarter, contributing to a record-setting hash rate as Bitcoin’s price skyrocketed to a new all-time high in early March.
“Improved market conditions have encouraged miners who were previously unprofitable at lower hashprice levels to come back online,” said Nico Smid, founder of Digital Mining Solutions in the firm’s first quarter Bitcoin mining review, published on April 2.
Bitcoin’s hash price level has moved in a similar trajectory to Bitcoin’s (BTC) change in price, which has increased 56.8% in 2024 to $66,280 at the time of publication.
