Bitcoin hashrate has surged to an all-time high of 833 EH/s on a seven-day moving average, a 9% increase from 767 EH/s. Despite Bitcoin's price approaching $100,000, transaction fees have reached multi-year lows. The recent rise in hashrate is attributed to pre-halving miner activity and institutional investment in mining infrastructure over the past 18 months. However, the growth in hashrate is now expected to slow as mining hardware pre-orders decline. Currently, a high-priority transaction costs just 5 sat/vB, significantly impacting miner earnings. The network's long-term model relies on transaction fees to replace the block subsidy for miner revenue, but low fees create challenges. A difficulty adjustment is scheduled soon, anticipated to increase by over 6%, which could further pressure miners.

Source 🔗