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Bitcoin: The Hashrate reaches its highest historical level!

Fri 31 May 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Regulation Crypto

Despite alarmist predictions, Bitcoin once again proves its robustness. Indeed, the latest data reveals that the mining hashrate of the main crypto has recently reached a historic milestone, dispelling concerns linked to the recent Halving. This event demonstrates the renewed confidence of miners in Bitcoin.

Bitcoin Hashrate

An Unwavering Bullish Trend

The Bitcoin hashrate, which measures the total computing power deployed by miners, has just reached unprecedented heights. Thus, the 7-day moving average of this crucial indicator has recently broken its previous all-time high. This remarkable performance comes barely two months after the fourth Bitcoin Halving, which halved miners’ rewards.

Furthermore, many observers anticipated a drop in the hashrate, with some miners potentially becoming unprofitable. However, the bullish trend of the Bitcoin hashrate was only briefly slowed down before picking up steam again.

tendance haussière du hashrate bitcoin
Upward Trend of Bitcoin Hashrate

The Catalysts of This Growth for Bitcoin

Several key factors explain this surge in mining hashrate on the Bitcoin network. On the one hand, technological advancements have allowed for increasing energy efficiency of mining equipment, enabling miners to boost their crypto power without significantly impacting their costs. On the other hand, and probably the predominant driver, the recent rise in the price of BTC on crypto markets has largely compensated for the reduction in block rewards.

Indeed, although fixed in BTC, these mining subsidies see their value in US dollars fluctuate with the price of this pioneering crypto. The notable appreciation of Bitcoin in recent weeks on crypto exchanges has thus boosted miners’ revenues, encouraging them to strengthen their presence on the decentralized network.

Thus, far from signaling a halt for Bitcoin, the 2024 Halving will have been but a brief hiccup. The leading crypto reaffirms once again its extraordinary capacity for rebound, driven by a mining ecosystem more vigorous than ever. A strong signal that will undoubtedly reassure investors about Bitcoin’s long-term fundamentals.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.