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Bitcoin

Bitcoin Hashrate Quietly Marches To New All-Time High Amid Price Rollercoaster

Keshav Verma
by Keshav Verma
6 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin Mining Hashrate has witnessed a sharp rise towards a new all-time high amid all the chaos in the market.

Bitcoin Mining Hashrate Has Shot Up Recently

The “Mining Hashrate” refers to a metric that keeps track of the total amount of computing power that the Bitcoin miners as a whole have connected to the network. The indicator is measured in units of hashes per second (H/s) or the larger and more practical terahashes per second (TH/s).

When the value of this metric rises, it means new miners are joining the network and/or existing ones are expanding their facilities. Such a trend implies these chain validators are finding the blockchain an attractive opportunity.

Related Reading: Bitcoin Recovers Above $98,000 As Coinbase Whales Start Buying

On the other hand, the indicator going down suggests some of the miners have decided to disconnect their machines from the chain, potentially because they are no longer making a profit on BTC mining.

Now, here is a chart from Blockchain.com that shows the trend in the 7-day average Bitcoin Mining Hashrate over the past year:

Bitcoin Hashrate

The 7-day average value of the metric appears to have spiked in recent days | Source: Blockchain.com

As displayed in the above graph, the 7-day average Bitcoin Mining Hashrate rose to an all-time high (ATH) of around 817,700 TH/s during the starting days of the year, but the metric couldn’t sustain at these levels as its value soon registered a plunge.

The indicator showed consolidation about its lows for the rest of January, but it would appear February has finally brought fresh winds as its value has seen a steep uptrend and has smashed past its previous peak to set a new record of about 832,600 TH/s.

This renewed expansion from the miners has interestingly come while the cryptocurrency has been going through an uncertain period with its price displaying high volatility in both directions.

The Mining Hashrate serves as a look into the sentiment among the miners, so this latest increase would imply these chain validators believe the asset would ultimately come out of this volatile period in the bullish direction.

An indicator that makes it easy to use the Hashrate for tracking the situation of the miners is the Hash Ribbons. This metric is made up of two moving average (MAs) of the Hashrate: 30-day and 60-day.

Related Reading: Crypto Liquidations Break $2 Billion As Bitcoin & Altcoins Crash

As Capriole Investments founder Charles Edwards has explained in an X post, the Hash Ribbons flashed a very brief capitulation signal at the beginning of the month.

Bitcoin Hash Ribbons

The trend in the BTC Hash Ribbons over the past month | Source: @caprioleio on X

Miner ‘capitulation’ occurs when the 30-day MA falls under the 60-day one. This crossover couldn’t last for long this time as the Hashrate observed a sharp increase, leading to a reverse crossover taking place. Historically, this has served as a buying signal for Bitcoin.

BTC Price

At the time of writing, Bitcoin is trading around $100,000, down 3% in the last week.

Bitcoin Price Chart

Looks like the price of the coin has been going through a rollercoaster recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, Blockchain.com, Capriole.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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