New record for Bitcoin (BTC) hash rate


According to the Bitcoin mining data tracking website, MiningPoolStats, Bitcoin’s hash rate hit a new all-time high earlier this week. According to the site, the network has reached the threshold of 300 pe/s.

Bitcoin’s hash rate is considered an indicator of the processing power allocated to securing the network by miners. An increase in hash rate is considered a sign of network adoption, as well as an indicator of its increased security.

This new record was confirmed separately by the bitcoin mining company brains. It defines the real-time network hash rate as “the estimated total network hash rate based on the hash rate values ​​reported by the API for all mining pools, and the estimated hash rate values ​​based on blocks found for miners and pools that do not report their real-time hash rate”.

One Twitter user warned that it might not be wise to give too much credence to the “daily hash rate, because statistically it’s not a true representation of the hash rate.” “I would always look at the 7-day or at LEAST 3-day hash rate,” he recommended. “Despite everything, it remains remarkable,” he added, referring to this new record.

While not generally considered an indicator of Bitcoin entering a bull cycle, a rising hash rate is news that any Bitcoin holder will want to hear, as it is proof of the growing strength of the network despite the steep price drop of 2022.

Other websites have estimated the Bitcoin network hash rate at slightly lower levels. Blockchain.com estimated it at around 274 p.e. at the start of the week, while the latest estimate of BTC.com for the network hash rate was 283.38 EH/s.

An increase in the difficulty of mining in sight

Mining difficulty is expected to increase as the computing power of the Bitcoin network increases. The next difficulty adjustment will take place in just over a day and is expected to increase the difficulty of mining a block by 3.7% to a new high of 38.99 trillion.

The increase in mining difficulty is a sign that miners are competing more fiercely than ever, no doubt following Bitcoin’s latest price rebound from $15,500 last year to $23. 000 dollars now.

BTC flows from miners to exchanges recently hit three-year lows, according to data cited by the crypto analytics platform Glassnode. This can be seen as a sign that miners are less eager to sell their BTC, perhaps a show of confidence that the recent price rise could be the start of a longer-term recovery back to the levels. last seen in early 2022.

Indeed, a growing confluence of on-chain and technical indicators, along with a seemingly softer macro backdrop, due to lower US inflation and faltering growth, suggest that last year’s dip below $16,000 could ultimately be Bitcoin’s bottom for the next market cycle.

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