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\nPosted: November 27, 2023 Bitcoin\u2019s [BTC]<\/span><\/a> mining sector hit an all-time high in the last week, as its \u201ccombination of miner rewards and fees\u201d crossed $46.7 million, according to a tweet on the 26th of November by IntoTheBlock.\u00a0<\/span><\/p>\n Bitcoin hashrate reached a new all-time high this week! Thanks to the surge in Ordinals, The rising demand for Ordinals is significantly boosting mining profitability. The combination of miner rewards and fees hit an impressive $46.7 million, the highest in the past six months. pic.twitter.com\/9aqQO4VutX<\/a><\/p>\n \u2014 IntoTheBlock (@intotheblock) November 26, 2023<\/a><\/p>\n<\/blockquote>\n AMBCrypto took a look at Coinwarz\u2019<\/span> data<\/span><\/a>, which revealed that at the time of writing, BTC\u2019s hashrate stood at 458.09 EH\/s. An increase in hashrate means that there is an influx of new miners into the network. <\/span><\/p>\n Because of the hike in BTC\u2019s hashrate, its mining difficulty also went up. As per Coinwarz, BTC\u2019s difficulty stood at 67.96T at press time.<\/span><\/p>\n Source: Coinwarz<\/p>\n<\/div>\n AMBCrypto also took a closer look at Bitcoin\u2019s network health to better understand the causes behind its rising hashrate ahead of 2024\u2019s halving.<\/span><\/p>\n Though the hike in hashrate might be because of the upcoming halving, another reason behind the surge was the rise in<\/span> BTC<\/span><\/a> Ordinals\u2019 demand. <\/span><\/p>\n IntoTheBlock\u2019s tweet mentioned that the rising demand for Ordinals was significantly boosting mining profitability. To be precise, the combination of miner rewards and fees hit an impressive $46.7 million, the highest in the past six months. <\/span><\/p>\n AMBCrypto then had a look at Dune\u2019s<\/span> data<\/span><\/a> to see how Ordinals was doing. The total number of inscriptions until press time stood at 44,545,049. <\/span><\/p>\n Moreover, BTC\u2019s number of daily inscriptions gained upward momentum over the last week, with the maximum number of inscriptions being \u201ctext\u201d types, followed by \u201cimage\u201d types. <\/span><\/p>\n The rise in Ordinals\u2019 demand was also evident from its fees. AMBCrypto\u2019s analysis found that the amount of Bitcoin inscription fees paid followed a similar increasing trend over the last few days.<\/span><\/p>\n Source: Dune<\/p>\n<\/div>\n Even though the blockchain\u2019s mining industry flourished, investors were not feeling their best as BTC\u2019s price took a sideways path last week. According to<\/span> CoinMarketCap<\/span><\/a>, BTC\u2019s price only moved marginally over the past seven days. <\/span><\/p>\n At the time of writing, BTC was trading at $37,381.51, with a market capitalization of over $730 billion.<\/span><\/p>\n Is your portfolio green? Check the<\/span> Bitcoin Profit Calculator<\/span><\/a>\u00a0\u00a0<\/span><\/p>\n AMBCrypto\u2019s analysis of CryptoQuant\u2019s<\/span> data<\/span><\/a> revealed quite a few metrics that might have restricted BTC\u2019s price from moving up. For example,<\/span> BTC<\/span><\/a>\u2019s net deposits on exchanges were high compared to the last seven-day average, meaning that selling pressure was high. <\/span><\/p>\n Additionally, its aSORP was in the red. This suggested that more investors were selling at a profit, indicating a possible market top.<\/span><\/p>\n
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Bitcoin\u2019s hashrate reaches ATH!<\/b><\/h4>\n
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<\/a><\/p>\nOrdinals\u2019 demand is rising<\/b><\/h4>\n
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<\/a><\/p>\nBitcoin is moving sideways<\/b><\/h4>\n
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