Quick Take
As the Bitcoin halving nears, now just under 4,300 blocks away and slated for April 20, the network has experienced a notable surge in hash rate, registering a 15% increase in 2024. The 14-day moving average hash rate is approaching record levels, currently peaking at approximately 598 eh/s.
Hash Rate: (Source: Glassnode)
This upswing in hash rate suggests that miners are ramping up their operations to optimize earnings before the halving event, a sentiment echoed by Mike Alfred, a board member at IREN Energy. Alfred predicts a notable post-halving correction in the global hash rate, attributing this to the widespread use of older mining equipment struggling to remain profitable.
Supporting this observation, CryptoSlate previously highlighted the trend of increasing hash rate as a halving event nears, noting that such growth is typical in the 4-6 months leading up to a halving.
Historical analysis shows a consistent pattern of miner capitulation post-halving, with significa
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