State of the Network’s Q3 2023 Mining Data Special
In this week’s State of the Network, we return with our quarterly mining data special, where we provide a close examination of the current Bitcoin mining landscape through the lens of Coin Metrics’ data. Despite a flat BTC market in the back half of Q3 as spot ETF chatter quieted, hashrate continued to accelerate throughout the quarter, recently hitting a new high of around 400 EH/s from 250 EH/s at the beginning of 2023. Hashprice conditions remain challenging, yet savvy miners continue to add operational hashrate.
