Bitcoin [BTC] hashrate, block difficulty, hit landmarks, but what do miners get?

Bitcoin [BTC] hashrate reached a new milestone – a point that has been difficult to reach since June 8th. In accordance CoinWarzBTC hashrate reached new highs in over two months.

The hash rate, which details the computational power used to perform BTC transactions, was 248.61 exahash per second (EH/s) as of August 26. Historical data revealed that the closest the hashrate came was 236.50EH/s on August 19th.

This jump may be surprising, especially as the BTC price fell, losing its hold at $22,000 and looking to fall below $20,000. So this means that Bitcoin miners now have more power to get more BTC in circulation?

It may be too early to judge as the same hashrate has pulled back the steps. At press time, the BTC hash rate was 216.49EH/s.

Source: CoinWarz

Got an invitation

Incidentally, the hashrate was not the only one involved in the rally party. The difficulty of Bitcoin block interval as well followed. Typically updated every 2,016 blocks, the difficulty peaked at 749,952, which was a 0.63% jump from the previous interval, according to BTC.com.

Source: Bitcoin.com

It is important to note that the block interval difficulty reached the milestone mentioned above with an average hash rate of 202.76 EH/s. Blockchain consulting firm BlocksBridge Consulting had initially publicly notified the update.

The company also estimates that the difficulty may climb further in the coming days.

The average one #Bitcoin block interval between current height (751055) and last diff epoch (749952) is approx. 9.18 minutes 🤌

Expect a significant difficulty jump in less than 6 days. pic.twitter.com/PgYlg2Ii3n

— BlocksBridge Consulting (@BlocksBridge_) 25 August 2022

Interesting, they seem to be on the exact page. Data from BTC.com indicated that the next difficulty level is estimated at a 4.46% increase. Despite miners Enjoying less difficulty two weeks ago, this increase may create a difficult path for them to increase their block rewards.

Hops too

While the difficulty level might have been expected to reduce BTC miners’ block rewards, it did not. In accordance Glass node data, earnings from miners’ rewards rose from the August 24 decline.

The value of 912.5 as of the previously mentioned date increased to 1100 as of 26 August. Interestingly, revenues have maintained this level at press time.

Source: Glassnode

Not only was it an increase, it was the second highest reward since July. The first was 1,112.5 on August 19, the same day the hashrate skyrocketed before the last one.

With miners seemingly turning profitable despite the BTC bearish signals, a jump in the BTC price might even make it better, considering other influential factors.