The seven-day Bitcoin mining hashrate just hit a new all-time high this week. In an increasingly difficult mining context, this activity is regaining interest among miners. This high hash rate indicates high security of the Bitcoin network. It also indicates the general sentiment of validators towards crypto. So why this new record? Let’s find out in this article.
A new all-time high for Bitcoin hashrate
THE hash rate average of Bitcoin over a week has just reached a new ATH. The hashrate, also called mining rate, measures the total computing power of miners connected to the Bitcoin blockchain. The graph shows that Bitcoin’s 7-day hashrate skyrocketed between early September and late November. Miners expanded their facilities in anticipation of a recovery achieved when BTC soared.
To understand the hash rate, you need to know that this indicator is linked to network security. The more participants, the higher the computing power. Network security is therefore reinforced, making malicious attacks all the more difficult. This indicator also indicates the sentiment of miners towards the crypto Bitcoin. A high rate suggests that participants find a channel interesting to exploit. Otherwise, these miners believe that the mining activity is not profitable.
The influence of the BTC price
The impact of the crypto price on mining activity should not be overlooked. The price of BTC directly influences the income of miners. BTCs, in effect, serve as block rewards for miners. With the bullish trend that the Bitcoin recently recorded, the hashrate is on the rise again last week. The other reason for this increase in hashrate is the renewed popularity of registrations. This caused transaction fees on the network to explode.
Currently, Bitcoin is on a rather winding path. Its price rose sharply before falling again at the end of the weekend. At the time of writing, the price of BTC is $42,819.
However, it is interesting to note the appearance ofa symmetrical triangle on the daily chart. The breakdown of this pattern could have great significance for investors.
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