The hash rate of the Bitcoin (BTC) network has reached new all-time highs. The number of terahashes per second on the Bitcoin network has reached 131.707 million taking into account a 7-day average. The information is regularly updated by the recognized market participant Blockchain.
Despite the fact that Bitcoin fell in price by more than 10% and bullrun seemed to take a break, the hash rate continues to grow.
During periods of price growth, the hash rate tends to increase on a regular basis. The contrary happens when there is a price drop in Bitcoin. However, we can see that miners revenue is not as high as it was a few months ago. However, it is still higher than when Bitcoin was traded close to $ 3,200 in December 2018. This growth is all the more astonishing when considering that in May the miner reward will be halved from the current 12.5 BTC per block to 6.25 BTC. In addition, yesterday’s peak was reached during a week when the price of bitcoin suffered, losing more than 10% in a week.
In light of these two considerations, i.e. the imminent halving and the price drop, the new Bitcoin hashrate’s ATH is even more surprising, despite being the result of an increase that has been going on for over a year now. In this regard, there are those who point out that this could mean a more lively interest than ever in the technology behind Bitcoin, and that the network is now growing thanks to the strength of its community and no longer largely thanks to speculation.
Short-term price movements seem to have no particular impact on the hashrate, perhaps because the miners themselves are not interested in it, focusing more instead on long-term movements.
The increase in hashrate in the months leading up to the halving seems to suggest quite explicitly that the miners expect BTC’s value to increase in the months following the halving, otherwise they would not invest in new machinery with the expectation that the reward would be halved. In other words, this new historical high seems to be a good sign for the medium-term future of bitcoin.