Mining today is not only used for mining the cryptocurrency, but also for other tasks. In particular, the day before, a coin enthusiast described how he uses heat from a cryptocurrency farm to heat water in a swimming pool. And judging by his data, the idea is extremely effective. We wrote more about it in a separate story.

We checked the current data: today the hash rate of BTC network is at the level of 193 hashes per second. However, at the beginning of April the figure was increasing above 240 hashes per second.

Bitcoin network hash rate chart

What is happening with Bitcoin mining?

Bitcoin’s user dynamics currently show no signs of strong growth or recovery, and the number of active users is still in the upper band of a six-year bearish trend channel. This channel usually only breaks through during a global growth phase – such as late 2017 or early 2021. Here’s a quote from the report on this.

We have yet to see a convincing influx of new users or demand for transactions on the Bitcoin network.

Mind you, the conditions for that are more than compelling. As we learned this week, many financial advisors are willing to invest their clients' funds in cryptocurrencies. True, they are waiting for the launch of a so-called spot ETF for digital assets to do so. Read more about this in a separate piece.

The channel in which the number of active Bitcoin users is currently fluctuating

According to Decrypt’s sources, the number of transactions in the BTC blockchain per day also remains relatively low, at around 225,000 transfers per day. This is still higher than last July, but much lower than during the strong bullish trend. Recall, earlier we wrote about BTC equivalent fees dropping to almost 10-year low – meaning that even that is not attracting investors for massive transactions.

BTC transaction rate dynamics

Theoretically, rising hash rates and a consistent increase in mining complexity should make bitcoin mining unprofitable for some miners. So far, however, Glassnode does not record a drop in competition between them. Rather, the opposite is the case: more and more major miners are competing to capture a larger share of the market, even despite far from the best conditions in terms of profitability.

Bitcoin exchange rate

Read also: Billionaire David Rubenstein predicts an explosion in the popularity of cryptocurrencies among big investors. Why?

Mining is often criticised for consuming too much energy, which comes mostly from environmentally damaging power plants. This argument was a key one in the criticism of Mozilla, which announced in January 2022 that it was accepting Dogecoin crypto as a donation. Some time later, it heeded the comments and made an update to its policy – Mozilla now only accepts coins based on the Proof-of-Stake algorithm.

As a reminder, the company suspended all donation opportunities in crypto in January this year. This came after Mozilla representatives promised to look for a new approach to the issue amid heavy criticism both inside and outside the cryptocurrency community. The following quote later appeared on the popular browser developer’s blog.

Mozilla will no longer accept cryptocurrencies based on the Proof-of-Work algorithm, which are more energy intensive. Such coins can make a significant contribution to our greenhouse gas footprint because of their nature.

It’s all part of the firm’s initiative to minimise its negative impact on the environment.

Mozilla’s decision not to accept donations in the form of PoW cryptocurrencies ensures that our fundraising activities are in line with our commitment to reduce our carbon footprint.

Mozilla logo

Now donating money in BTC or ETH is not possible. That said, Etherium could still become a “permitted cryptocurrency” for Mozilla, but only after the final transition to the Proof-of-Stake algorithm. As a reminder, this event should take place in the second half of 2022.


We think the analysts' conclusions are unequivocal. The first cryptocurrency's hash rate continues to hold high, which confirms the high interest in the niche on the part of miners. And the latter continue to dig into BTC, even despite serious competition. Consequently, they see Bitcoin as a valuable enough asset for such efforts.


Stay tuned to our millionaires’ cryptochat. We’ll talk about other topics related to blockchain and decentralisation there as well.