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Bitcoin hashrate has continued its recent rise, climbing to new dramatic highs. The leading digital asset by market cap has seen major bulls and the outlook is positive. This led to more miners joining the Bitcoin network, hitting a new all-time high of 400 EH/s in the last 48 hours.
The Bitcoin hash rate hits a new high
The Bitcoin hashrate has steadily increased since the beginning of the year. Earlier in the week, the network’s hash rate increased by 40 EH/s and peaked at 350 EH/s. However, just a few hours after the mining difficulty was adjusted on March 23, the hash rate continued to increase – to astronomical levels. Between March 23 and March 24, Bitcoin’s hashrate hit a new high of 400 EH/s, according to data from Mempool.
— Max Keiser, Sr. bitcoin advisor to Pres. Buckle (@maxkeiser) March 25, 2023
This development indicates two things: the security of the network has increased, and miners have confidence in the long-term viability of Bitcoin. Miners, who have been an integral part of the network since its inception, have continued to increase their support for the initial coin due to the recent rally.
Additionally, the bitcoin mining difficulty is at an all-time high and is now at 46.84T. This represents a 7.5% increase on previous readings, which correlates with the progressive increase in hashrate over this period.
Why is the hash rate increasing?
The increase in hash rate is largely due to the rise in the price of BTC, which attracted miners to the Bitcoin network. BTC price is up more than 50% in 2023, hitting a new local high of $28,000 earlier in the week.
This price spike encouraged miners to connect their mining equipment to the network. It should be noted that some miners left the Bitcoin network after the long bear market of 2022.
With the recovery of the market, the profitability of mining has increased, although it is still far from ideal. However, this indicates that miners are once again profiting from the network. One of the main indicators of this is the 20% increase in hash price over the past week.
The hash price is a measure of the average price a mining rig receives on the Bitcoin network each day. Currently, hash price is around $0.077/TH/day according to hashrateindex data. This value may drop in the coming days as higher mining difficulty means tougher competition for mining rewards on the Bitcoin network.
As the miners’ computing machines become more powerful, the hash rate also continued to increase. This, in turn, helps strengthen the Bitcoin network, which is an absolute win for the asset.
What is the Bitcoin course doing?
At the time of writing, Bitcoin is undergoing a market correction – liquidity has fallen to a 10-month high, the base is trading at $27,455. The current market view is that we are in a bullish market – Bitcoin could be on its way to $30,000 in the coming weeks.
Text credit: Bitcoinist
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