Hashrate Index, a company specializing in crypto mining analytics, reports that public Bitcoin miners are ramping up their ASIC orders on time. This comes as Bitcoin miners prepare to face a significant increase in difficulty in just eight days, with major public mining companies stepping up their operations. According to Hashrate Index analysts, top public miners have placed orders for 76.6 EH/s of equipment for 2024, with 12.9 EH/s set for delivery in Q1 and nearly 36 EH/s expected in Q2.
At present, Bitcoin’s 7-day average hashrate has reached a record high of 659 EH/s, marking a 13.6% increase from its low after the halving at 580 EH/s. Analysts note that at this level, the average block time is around 9 minutes and 26 seconds.
In terms of Bitcoin’s transaction landscape, analysts have observed a significant decrease in transaction fee volumes since the halving. Despite the excitement surrounding the launch of the Runes fungible token standard, trading activity has slowed down and transaction fees have returned to normal levels.
In a previous forecast in May, Hashrate Index analysts predicted an increase in hashprice over the next six months, citing expectations of stable difficulty, higher transaction fees, or a rise in Bitcoin’s price. Looking ahead, U.S. miners may cut back on BTC mining in the summer, potentially slowing down hashrate growth. However, analysts suggest that global miners could counterbalance this decline, providing insights into the broader picture of hashrate expansion.
For more information, Bitmain-backed cloud mining company BitFuFu saw a 150% increase in revenue in Q1.