Never ending super-profits for bitcoin miners

The increasing bitcoin price coupled with a stagnating hashrate has made 2021 a very lucrative year for bitcoin miners.
Source: Hashrateindex, Tradingview

Bitcoin mining has been highly profitable during the whole year. The bitcoin price has increased by 92%, while the hashrate is at the same level as it was last year.

Why hasn’t the hashrate followed the bitcoin price? Firstly, the network lost 50% of its hashrate in the early summer when China banned mining. Secondly, hashrate lags bitcoin price increases since it takes time to manufacture and deliver new ASICs.

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