Public Bitcoin miners’ hash rate is booming — But is it actually bearish for BTC price?
Cointelegraph
Published Oct 25, 2022 12:25PM ET
Updated Oct 25, 2022 02:00PM ET
The share of the Bitcoin (BTC) network controlled by publicly held mining companies could grow to 40% by mid-2023, according to a new report by Hashrate Index. But this could bring more stress to an already bearish BTC market.
The outlook appeared after assessing the hash rate performance of Core Scientific, Marathon Digital Holdings, Riot Blockchain (NASDAQ:RIOT) and other public miners over the last 12 months. Notably, these firms increased their hashing capacity from 15 exahashes per second a year ago to 58 EH/s in October 2022 — a 295% increase.
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Written By: Cointelegraph
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