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Public Bitcoin miners’ hash rate is booming — But is it actually bearish for BTC price? Cointelegraph


Public Bitcoin miners’ hash rate is booming — But is it actually bearish for BTC price?

The (%)BTC) network controlled by publicly held mining companies could Grow According to a Hashrate Index report, the number could reach 40% by mid-2023. However, this could increase the stress on an already stressed market. Bearish BTC Market.

After analyzing the hash rate performance over the past 12 months of Core Scientific, Marathon Digital Holdings and Riot Blockchain (NASDAQ) this outlook was revealed. 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.

Bitcoin mining public vs. private performance at the hashrate rate Source: Hashrate Index
Weekly price chart of Valkyrie Bitcoin Miners ETF. Source: TradingView
Weekly price chart. Source: TradingView