Bitcoin (CRYPTO:BTC) miners, who were once not profitable, are believed to have contributed to a significant 14.7% increase in Bitcoin's hash rate since the beginning of 2024.

In the first quarter of the year, these miners have revived their older cryptocurrency mining equipment, likely due to Bitcoin's price reaching new all-time highs in early March.

This action has added to a record-setting hash rate for the cryptocurrency.

Nico Smid, the founder of Digital Mining Solutions, explained in the company's first quarter Bitcoin mining review that improved market conditions have motivated previously unprofitable miners to resume operations.

The correlation between the hash price level and Bitcoin’s price is evident, with the latter experiencing a 56.8% increase in 2024, standing at $66,280 at the time this information was published.