Crypto mining analytics firm Hashrate Index reports that public Bitcoin miners are energizing their ASIC orders on schedule. Bitcoin miners are on the brink of facing a significant upward difficulty adjustment in the next eight days as major public mining companies ramp up their operations. Analysts at Hashrate Index note that top public miners have 76.6 EH/s of equipment on order for 2024, with 12.9 EH/s scheduled for delivery in Q1 and nearly 36 EH/s expected in Q2.

The current surge in hashrate is going to result in a substantial upward difficulty adjustment in about 8 days. Although it’s too early to determine the exact size of the adjustment, our estimate currently stands at +5.97%.

As of now, Bitcoin’s 7-day average hashrate has reached an all-time high of 659 EH/s, marking a 13.6% increase from its post-halving low of 580 EH/s. Analysts indicate that at the current level, the average block time is approximately 9 minutes and 26 seconds.

In the Bitcoin blockchain’s transaction landscape, analysts have observed that transaction fee volumes have stabilized since the halving. Despite the anticipation surrounding the launch of the Runes fungible token standard, trading activity has slowed, and transaction fees have returned to normal levels.

Earlier in May, Hashrate Index analysts forecasted a rise in hashprice over the following six months, citing expectations of stagnant difficulty, increased transaction fees, or a rise in Bitcoin’s price. Looking forward, U.S. miners may reduce BTC mining in the summer, potentially slowing hashrate growth. However, analysts suggest that global miners might offset this decline, providing insights into the broader landscape of hashrate expansion.

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