On Wednesday, because of the rebound in bitcoin prices and falling energy demand, the miners won some breathing space, with the bitcoin Internet or hash rate calculated at 300.65 EH/s.

Statistics from Luxor Technologies show that the hash rate has increased by 100 EH/s in about a year, twice as fast as 100 EH/s to 200 EH/s. "this effectively verifies how systematic the field has become," said Zhao, Wolfie, head of TheMinerMag research.

From the end of 2021, mining enterprises have gradually raised funds for large loans to build mining production capacity. This has greatly promoted the research and development of new mines, and the hash rate has soared rapidly. However, because of the fierce competition in the market and the subsequent bear market in the stock market, the economic benefits of the mining industry have also changed dramatically-causing some of the largest companies in the field to go to the bankruptcy court.

In the past few weeks, the economic benefits of mining have improved significantly, along with the rise in the price of bitcoin. Hash prices, which take into account mining viability, have rebounded from less than $60 per second at the end of 2022 to more than $70 per second (PH/s).

With profitability urgent, miners-including these relatively inefficient machines and equipment-have been put back into production in response to a headwind turnaround in the sales market.

Zhao said that at the cost of electricity per kwh6, "efficient 50J/th machines are profitable at present, while a month ago, highly efficient 40J/th machines basically could not produce any valuable profits."

Analysts at B.Riley, an investment bank, wrote in a report for investors on January 31st that "traditional performance pledges" and deeper deployment of newer, more efficient and more powerful devices were the main reasons for the improvement of the Internet.

But analysts say the rapid growth of 2022 will not be easy to repeat: the overall upheaval in the mining economy will block next year's hash growth.

Jaran Mellerud, an analyst at Luxor Technologies, a mining service center, said: "although it took less than a year for the hash rate of Bitcoin to grow from 200 EH/s to 300 EH/s, we will probably have to wait longer before we can improve 400 EH/s. I am confident that the hash rate of Bitcoin will be less than 350 EH/s by the end of 2023, as the embarrassing development of the mining economy in 2022 did not encourage investment in a new project. "

Charles Brenzia, an analyst at D.A.Davidson, said in a report for investors on January 31st that the improvement of the Bitcoin Internet "will continue" with full consideration of bitcoin prices at this stage. This is mainly due to the recent reduction in the price of natural gas, which means that the electricity bill for miners is lower. The analyst predicts that the hash rate will reach 363 EH/s by the end of 2023.