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Bitcoin Hashrate Stays High Despite Hashprice Falling To Historical Lows

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Data shows the Bitcoin mining hashrate has remained at high levels recently, despite the hashprice observing a deep plunge.

Bitcoin Hashrate Has Continued To Be Near All-Time Highs Recently

The “mining hashrate” refers to the total computing power currently connected to the Bitcoin blockchain. The metric is measured in terms of hashes per second, where “hashes” refer to calculations that miners have to make.

When this indicator’s value goes up, the miners are connecting more mining rigs to the network. Such a trend can indicate that these chain validators are now finding the coin attractive to mine.

On the other hand, the metric’s value decreasing suggests some miners disconnect from the blockchain, possibly because they aren’t making any profits.

Now, here is a chart that shows how the 7-day average Bitcoin mining hashrate has changed during the past year:

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

As the above graph shows, the 7-day average Bitcoin mining hashrate has registered some growth recently and has set a new all-time high (ATH). Since the crash, the metric has dropped slightly, but its value remains near ATH levels.

Interestingly, the indicator has stayed at these high values even though the hashprice has taken a hit recently, as the CryptoQuant Netherlands community manager Maartunn has pointed out on X.

Looks like the metric has been heading down recently | Source: @JA_Maartun on X

The “hashprice” here refers to the amount of daily revenue the miners make corresponding to every hash they handle. From the graph, it’s apparent that the indicator’s value has been on a perpetual downtrend throughout the asset’s history, a consequence of the hashrate trending up during this same period.

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Author: Hououin Kyouma

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