• Tue. Aug 2nd, 2022

As BTC Price Approaches $ 36,000, Bitcoin Network Hash Rate Hits New High

The price of Bitcoin (BTC) isn’t the only metric to record record highs, as the network’s hash rate has hit a new all-time high.

According to According to data from Blockchain.com, the estimated seven-day average Bitcoin hash rate is now around 148 exahashs per second, or EH / s. This number represents the amount of computing power spent by miners to secure the network every second.

Bitcoin hash rate. Source: Blockchain.com

Tweeter On January 1, on-chain analytics data provider Glassnode revealed that Bitcoin recorded its highest average monthly hash rate of 136 EH / s in December 2020.

The current growth in the hash rate is in line with the trend seen since early November 2020 which coincides with the start of the current bullish advance in the spot price of BTC.

At the time, the network was recovering from a significant drop in hash rate caused by the seasonal migration of Chinese miners at the end of Sichuan’s rainy season. Prior to the decline, Bitcoin’s hash rate was at its past seven-day average ATH of around 146 EH / s according to figures from Blockchain.com.

If the current upward hash rate path persists, the network will need to undergo an upward difficulty adjustment greater than 10% in the next retargeting epoch which is expected to take place on Saturday.

The hash rate spike is just one example of the continued improvements in Bitcoin’s fundamentals. Other metrics such as network usage and activity are also on the rise. According to At Coin Metrics, the number of active Bitcoin addresses is approaching its all-time high of around 1.19 million reached during the December 2017 bull run.

BTC is also continuing its sharp rise in prices since crossing the $ 10,000 mark in early October. The largest crypto by market cap briefly pegged a new ATH above $ 35,000 before experiencing a slight pullback.

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