BITF, HIVE, IREN Surge As Bitcoin Mining Power Tops 1 Zetahash – WGMI ETF On Track For Record High

Shares of crypto mining companies, including Bitfarms (BITF), Hive Blockchain (HIVE), and IREN (IREN) climbed in premarket trading on Monday after Bitcoin’s (BTC) hashrate crossed one zetahash per second over the weekend.

The Valkyrie Bitcoin Mining ETF (WGMI) was on pace for a fresh record high, rising 1.7% in premarket trade. The fund was changing hands near $38 after hitting a peak of $37.34 in the previous session. If gains hold through the open, WGMI will notch a new all-time high.

A zetahash equals one trillion exahashes and marks the total computing power securing Bitcoin’s Proof-of-Work (PoW) network. Hashrate is considered the backbone of Bitcoin security. The greater the computing power, the more resistant the network is to attacks or attempts to alter its ledger. 

While a higher hashrate boosts network security, it also drives mining difficulty higher. That dynamic tends to favor large, well-capitalized mining firms with access to efficient hardware and cheaper energy, while squeezing smaller independent miners who struggle to compete on costs.

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