Riot Blockchain reported its monthly numbers, stating that the company mined 19% more Bitcoin in June. The largest US Bitcoin miner also reported increasing its hash rate by 50% in just one month.
This development might give a much-needed bullish signal to the Bitcoin price, which has been under pressure for more than a week.
Riot increases hashrate while planning to mine more BTC
With a 19% increase in Bitcoin mined month over month, Riot Platforms surpassed its May mining activities, generating 255 BTC in June as opposed to 215 BTC in May. But as was to be predicted in the wake of this past April’s bitcoin halving event, the company only mined roughly half as much bitcoin as it did during the same period last year.
However, by the end of 2024, Riot hopes to have a total self-mining hash rate capacity of 31 EH/s.
The Bitcoin hashrate measures the number of estimates submitted to the entire blockchain every second. A greater hashrate suggests that longer verification and transaction times, more energy expenses, and more processing power are required to mine BTC. As a result, mining Bitcoin becomes more costly and slower.
An increased Hashrate improves network security, which gives investors more trust and may increase market demand and the price of Bitcoin. Higher mining expenses due to increased hashrate may force miners to raise their break-even price points, which could impact market trends.
Will Bitcoin finally see bullish trading?
Bitcoin prices have been pressured for a long time now. According to data from CoinMarketCap, the previous month saw a slump in the OG-cryptocurrency price of 13.4%.
Bitcoin started the year strong, but the summer drop seems to have tarnished its trading. On March 14, the most expensive cryptocurrency in the world reached a record-breaking high of $73,750. Regretfully, there doesn’t seem to be as much enthusiasm about the spot Bitcoin exchange-traded fund launch in January 2024.
While Bitcoin bulls continue to believe that the ETF hype will allow large institutional participation in the market, Bitcoin bears believe there isn’t a clear reason for prices to rise.
A delay in interest rate decreases by the Federal Reserve, a lack of bullish cues, and many other factors have kept choppy trading sessions constant for Bitcoin. However, Riot’s today reveal might bring a regained hope for Bitcoin traders.
