Bitcoin Hashrate Hits Another ATH As Miners Continue To Back BTC

Data shows the Bitcoin mining hashrate has hit another all-time high as miners continue to believe in the cryptocurrency.

Bitcoin 7-Day Hashrate Hits New ATH Despite Struggling Price

The “mining hashrate” is an indicator that keeps track of the total amount of computing power that the miners have currently connected to the Bitcoin blockchain.

This metric can have a direct impact on the strength of the network’s security. This is because the more mining rigs are attached to the chain, the more difficult it is to perform a 51% attack.

This is only given, of course, that the hashrate is sufficiently decentralized. With the rise of large public miners, there have been concerns that the hashrate is increasingly becoming centralized, but the latest data has revealed that these public entities control just 28% of the global hashrate, which isn’t an alarming figure, at least not yet.

When the value of the hashrate goes up, it means that the miners are bringing more machines online on the network right now. Such a trend implies that these chain validators are finding the blockchain attractive currently.

On the other hand, the indicator going down suggests some of the miners are disconnecting from the chain, likely because they are finding the coin unprofitable to mine at the moment.

Now, here is a chart from Blockchain.com that displays the trend in the 7-day average Bitcoin mining hashrate over the past year:

The 7-day average value of the metric seems to have been heading up in recent days | Source: Blockchain.com

As shown in the above graph, the 7-day average Bitcoin mining hashrate has been steadily climbing up since January. During the first half of the year or so, BTC had enjoyed some sharp upward momentum, which may explain why the miners were willing to expand their facilities.

The revenues of these chain validators as a whole depend mainly on the price of the cryptocurrency, as the Go to Source to See Full Article
Author: Hououin Kyouma

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