Bitcoin’s hashrate has been steadily increasing, with the network adding 40 exahashes per second (EH/s) over the past five days, reaching 836 EH/s—near the protocol’s all-time high. Additionally, as bitcoin’s price has risen, its hashprice—which represents the estimated daily earnings from one petahash per second (PH/s) of computing power—has also increased.

Bitcoin Miners Break Out of Narrow Range as Hashrate Nears Peak
On Tuesday, March 25, 2025, bitcoin miners saw their earnings improve compared to the previous week. On March 18, the estimated value of one petahash per day was $46.21; today, it has risen to $49.57, according to statistics collected by hashrateindex.com.

The increase has come as a modest relief to miners, who have been experiencing tighter margins in the first three weeks of March. Data from mempool.space shows increased network activity, with 48,116 unconfirmed transactions sitting in the mempool as of 6:30 p.m. ET on Tuesday.

Transaction fees have also increased slightly. At the current rate of 31 satoshis per virtual byte (sat/vB), a high-priority transaction now costs $3.83. The recent surge in BTC prices has been the main driver of the revenue increase, as transaction fees have accounted for just 2.14% of total revenue over the past 24 hours.

The latest price action has also pushed the hashrate higher, with the network increasing by 40 EH/s—up from 796 EH/s on March 20 to 836 EH/s today. This upward trend coincides with a 1.43% difficulty adjustment that took place two days ago at block height 889,056.

Currently, the mining difficulty is set at 113.76 trillion, slightly lower than the all-time high of 114.17 trillion recorded six weeks ago at block height 883,008. The current shift in network dynamics suggests a recalibration period for miners, balancing operating costs with income as difficulty and prices fluctuate.

With transaction fees still playing a small role in revenue, miner profitability appears to be increasingly dependent on the market value of BTC. As the protocol approaches its historical threshold, participants may need to adjust their strategies to navigate the tight range and changing network conditions.

On the other hand, advances in application-specific integrated circuit (ASIC) hardware may also contribute to increased computational output. Empirical analysis shows that fluctuations in bitcoin’s fiat valuation prompt corresponding adjustments in network hashrate, manifesting after a lag period of one to six weeks—a rhythm calibrated by miners to accommodate evolving profit motives.