Bitcoin Hashrate Reaches All-Time High!

 

As bitcoin hashrate hits record high, bitcoin is hanging above $42,000.

Bitcoin hash rate hits all-time high

Bitcoin's hashrate reached 248.11 million terrahashes per second over the weekend.

While the bitcoin price seems to have recovered over the past few days, the hashrate is reaching its highest value yet.

According to data from Glassnode, the hash rate rose to 248.11 million terahashes per second on Saturday, an increase of more than 200% since it fell to 82 million terahashes per second after China's mining ban in June 2021.

Bitcoin hashrate refers to the value of computing power allocated to the blockchain to verify transactions and earn block rewards. When the value is higher, Bitcoin is more secure against attacks as more computing power is required to take control of a majority stake in the network. Such attacks are called 51% attack.

While China previously provided the largest hashrate, the recent ban has resulted in the United States now taking the top spot.

The high in hashrate follows a three-year low of 2.5 million coins lying on crypto exchanges, according to Glassnode. This metric suggests that as the network becomes more secure, fewer investors are attempting to sell their holdings.

BTC price is currently around $42,500, which is just above the $41,500 local support level.

While the hash rate surge is good for Bitcoin's fundamentals, even this year BTC has not been a top performer. Year-to-date, the price is down about 9.4% and is about 39% below its all-time high of $69,000 in November 2021.

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