As BTC price gets close to $36K, Bitcoin network hash rate hits new high

Published at: Jan. 6, 2021

The Bitcoin (BTC) price is not the only metric seeing record numbers as the network hash rate has set a new all-time high.

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

Tweeting on Jan. 1, on-chain analytics data provider Glassnode revealed that Bitcoin recorded its largest average monthly hash rate of 136 EH/s in Dec. 2020.

ATH: December's hash rate (136 exahash / s) was the highest in #Bitcoin's history so far Chart: https://t.co/M6ZrAkKGRh pic.twitter.com/QOn5CRtWAR

— glassnode (@glassnode) January 1, 2021

The current hash rate growth is in keeping with the trend observed since the start of Nov. 2020 which coincides with the beginning of the current bullish advance in the BTC spot price.

At the time, the network was recovering from a major hash rate slump occasioned by the seasonal migration of Chinese miners at the end of the Sichuan rainy season. Before the decline, the Bitcoin hash rate was at its previous seven-day average ATH of about 146 EH/s according to figures from Blockchain.com.

If the current upward hash rate trajectory persists then the network will be due for an upward difficulty adjustment above 10% at the next retargeting epoch which should happen on Saturday.

The hash rate spike is only one example of the continuous improvements in Bitcoin fundamentals. Other metrics like network usage and activity are also on the rise. According to Coin Metrics, the number of active Bitcoin addresses is approaching its all-time high of about 1.19 million achieved back in the Dec. 2017 bull run.

BTC is also continuing its steep price climb since breaching the $10,000 price mark in early October. The largest crypto by market capitalization briefly set a new ATH above $35,000 before seeing a slight pullback.

Tags
Bitcoin
Bitcoin Price
Hash Rate
Related Posts
No gear, no problem! 3 ways to earn Bitcoin through cloud mining and staking
Bitcoin’s (BTC) rapid recovery above $46,000 has renewed calls for a $100,000 BTC price by the end of 2021, while the effects of China’s crackdown on the mining industry are slowly beginning to fade as the Bitcoin network hash rate shows signs of recovery. One of the side benefits of China’s crackdown is that it has lowered the barriers of entry into the Bitcoin mining space, which has been shown to provide profits in both bull and bear markets. Bitcoin mining is one of the few ways that investors can acquire BTC without directly purchasing it from the market, and …
Bitcoin / Aug. 13, 2021
3 reasons why Bitcoin Standard Hashrate (BTCST) price rallied by 50%
China’s ongoing crackdown on Bitcoin (BTC) mining resulted in a mass relocation of mining operations out of the country and it has led to a more than fifty percent drawdown in the Bitcoin network hashrate from an all-time high of 197.9 exahash per second (ehash/s) on April 15 to its current rate at 97 ehash/s. One token that was hit especially hard by the hashrate drop was the Bitcoin Standard Hashrate Token (BTCST), a project that collateralized the Bitcoin hashrate with each token representing 0.1 TH/s of Bitcoin mining power. Data from Cointelegraph Markets Pro and TradingView shows that BTCST …
Bitcoin / July 19, 2021
Bitcoin miners believe global hash rate to grow ‘aggressively’
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with …
Technology / Jan. 30, 2022
Least volatile 'Uptober' ever — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the last week of “Uptober” in a firmly average mood as the trading range to end all trading ranges continues to stick. After a welcome attempt to break out, BTC/USD remains bound to a narrow corridor now in place for weeks. Some of the lowest volatility in history means that Bitcoin has found a temporary function as a "stablecoin" — even some major fiat currencies are currently more volatile. The longer the status quo drags on, however, the more convinced commentators are that a major trend change will enter. This week is as good as any, they …
Bitcoin / Oct. 24, 2022
Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023
Bitcoin mining stocks usually follow BTC’s price because it directly influences the company's earnings. These stocks were beaten down heavily in the last quarter of 2022, especially in the month of December. The downturn after FTX's collapse worsened with the bankruptcy filings of the largest U.S.-based Bitcoin mining company, Core Scientific. During this time, other mining stocks, like Marathon Digital Holdings (MARA) in the chart below, exhibited a weak correlation with Bitcoin’s price, suggesting that December’s downturn was probably overblown. The negative trend reversed at the start of 2023 as most mining stocks posted impressive gains. The Hashrate Index mining …
Bitcoin / Jan. 30, 2023