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

Published 10/25/2022, 12:25 PM
Updated 10/25/2022, 02:00 PM
Public Bitcoin miners’ hash rate is booming — But is it actually bearish for BTC price?

The share of the Bitcoin (BTC) network controlled by publicly held mining companies could grow to 40% by mid-2023, according to a new report by Hashrate Index. But this could bring more stress to an already bearish BTC market.

The outlook appeared after assessing the hash rate performance of Core Scientific, Marathon Digital Holdings, Riot Blockchain (NASDAQ:RIOT) and other public miners over the last 12 months. 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 hash rate performance. Source: Hashrate Index
Valkyrie Bitcoin Miners ETF weekly price chart. Source: TradingView
BTC/USD weekly price chart. Source: TradingView

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