Bitcoin hash rate is approaching a record high
CONTENT

  • Bitcoin hashrate recovered noticeably after halving.

  • Computing power on the BTC network is approaching a record high.

  • The trend may reverse in the event of a fall in the bitcoin rate.

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After the halving last month, Bitcoin’s hash rate has recovered noticeably. Moreover, the indicator is again approaching historical highs..

Bitcoin hash rate is approaching a record high

The hashrate is a reliable indicator of the health of the network as it provides information about the processing power of the Bitcoin network. As expected, the hash rate dropped after the May halving due to the withdrawal of smaller miners after the reward was cut in half..

Citing data from Coinmetrics, cryptocurrency company Blockfolio notes that Bitcoin hashrate has not only resumed its growth, but is also confidently moving towards the previous all-time high:

Other metric providers use other sources to calculate hash rate, but BitInfoCharts confirms that the rate is indeed steadily increasing.

The record maximum Bitcoin hash rate was recorded on May 11 at around 137.57 exshechs per second.

What Is A Blockchain Hash? Bitcoin Hash Function Explained In 5 Minutes | Blockchain Central

The current figure is 126.52 units per second, which is only 8% below the last record.

The bitcoin rate is close to the five-digit mark, and the massive surrender of miners, which many have been talking about, has not yet happened. However, in the event of a sharp drop in price, this trend will reverse very quickly, since in such a scenario miners’ earnings will also be hit..

Bitcoin hash rate is approaching a record high

Bitcoin continues to consolidate in a relatively tight range on Monday, lacking directional momentum. Quotes oscillate around the $ 9,700 mark, not daring to break the intermediate resistance around $ 9,800, which blocks the way to the round level of $ 10,000.

Do you think Bitcoin hashrate will set a new record? Can the major digital currency return to growth and challenge the $ 10,000 psychological mark again? Share your thoughts with us in the comments and join the discussion in our Teleg channel!

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