Bitcoin Hashrate Taps Record High as Publicly-Listed Miners Dominate
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That said, Arcane Research recently published a report showing that 19% of the total hashrate today is controlled by publicly-listed firms. These mining firms include Marathon Digital Holdings, Bitfarms, and Hut 8 Mining.
Meanwhile, the author of the Arcane Research publication, Jaran Mellerud, noted that this hashrate control has increased by 3% since January 2021, adding that there are now 26 publicly-listed Bitcoin miners, a significant jump from January 2021.
Mellerud also revealed that most of these firms operate out of North America, where they can get access to more capital and funding, giving them the advantage to grow their mining fleet faster than most private mining firms.
In another Arcane Research publication, the author argued that “to increase their Bitcoin production, miners should expand hashrate faster than the whole network.”
That said, Mellerud concluded that because these firms can grow faster than their counterparts in other locations and the whole network, “the U.S. and Canada’s share of the total hashrate will likely increase.” Of the 222.18 EH/s reported recently, publicly-listed mining companies contributed 42.18 EH/s.
Key Bitcoin Levels to Watch — April 7
Bitcoin suffered a debilitating crash yesterday as the benchmark cryptocurrency fell from the $45.5K level to the $42.7K support in the early Asian session today. However, recent aggressive dip-buying by whales has helped the flagship cryptocurrency diffuse the bearish pressure as BTC backtracks to $44K.
The near-term projection for the cryptocurrency remains unclear at the moment, as the price has yet to react appropriately to recent news of dip-buying by whales, regardless of the bearish slowdown.
Meanwhile, my resistance levels are at $44,000, $45,000, and $46,000, and my key support levels are at $43,000, $42,000, and $41,000.
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Bitcoin Market Capitalization: $829.1 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
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