Bitcoin Mining Hashrate Registers Third Largest 3-Month Spike In Last 5 Years

Data shows the Bitcoin mining hashrate has recently registered its third-largest 3-month upwards increase in the past five years.

Bitcoin Mining Hashrate Has Sharply Gone Up Recently

As an analyst on Twitter pointed out, only the aftermaths of the 2021 China ban and the 2019 bear market saw more rapid increases. The “mining hashrate” is an indicator that measures the total amount of computing power that miners have connected to the Bitcoin blockchain.

When this metric’s value goes up, miners are bringing more machines online on the BTC network right now. Such a trend suggests the blockchain is currently attractive to mine for these chain validators.

On the other hand, the indicator’s value going down implies some miners are disconnecting their rigs from the network. This could be a sign that the average miner isn’t finding BTC mining that profitable currently.

Now, here is a chart that shows the trend in the Bitcoin mining hashrate, as well as in its 3-month percent change, over the last few years:

The value of the metric seems to have been quite high in recent days | Source: James V. Straten on Twitter

The above graph shows that the Bitcoin mining hashrate (the orange curve) has observed some sharp uptrend in the last few weeks. Because of this exceptional, consistent growth, the 3-month percent change in the indicator has also shot up.

According to this spike, the metric’s value has grown by about 52% in the last three months. This increase in the hashrate is the third-highest BTC blockchain has seen in the last five years.

The largest one within this period came during the aftermath of the 2018-2019 bear market when the April 2019 rally occurred. Many miners may find it unprofitable to mine the coin during bear markets. Hence the hashrate can significantly decrease as miners disconnect from the network.

When the rally in April 2019 took place right after the w

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Author: Hououin Kyouma

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