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Marathon CEO hints at sovereign contributions to Bitcoin’s burgeoning hash fee

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Fast Take

The Bitcoin community is experiencing a exceptional surge in its hash fee, an important metric that displays the computing energy devoted to processing transactions and sustaining the blockchain. In response to the most recent Glassnode knowledge, the 7-day transferring common hash fee has reached an astonishing 620 EH/s, nearing all-time highs.

Notably, the upcoming issue adjustment, scheduled for Apr. 10, is projected to exceed 3%, in keeping with Newhedge, additional reflecting the rising computational energy securing the community. This adjustment is especially important because it precedes the much-anticipated Bitcoin halving occasion scheduled for Apr. 20, the place the block reward for miners can be decreased by 50%.

Marathon Digital Holdings CEO Fred Thiel shared a thought-provoking perspective throughout his look on Anthony Pompiliano’s podcast. Thiel means that sovereign nations at the moment are actively contributing to the worldwide hash fee surge, a development with doubtlessly important implications.

Thiel defined:

“Soverigns who’re concerned with moving into the mining of Bitcoin initially for monterary causes however actually for money reserve and treasury causes and people are people who find themselves prepared to mine at doubtlessly decrease earnings than companies whose focus is producing a revenue from Bitcoin mining”.

A compelling angle to think about is CryptoSlate’s evaluation of a possible hash fee correction following the halving, as older miners might turn out to be unprofitable and disconnected. Suppose a major correction within the hash fee fails to materialize. Might or not it’s attributed to sovereign nations participating in mining with out profitability considerations, presumably leveraging plentiful entry to cheap renewable power sources?

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