As the Bitcoin price managed to hold above $70,000, which is its previous multi-year high from November 2021, the hashrate of the first crypto keeps rocketing.Despite Bitcoin's price only slightly exceeding its 2021 high, the aggregated hashrate is 200% larger now. Such an optimistic"imbalance" is noticed by Ki Young Ju, the CEO of leading crypto analytics platform CryptoQuant.The Bitcoin network, therefore, can be compared to a container for money.
He also demonstrated a chart with a whopping 30-month rally of critical Bitcoin network activity metrics. In 2021, it experienced the last prolonged dropdown in almost five years. As covered by U.Today previously, in April 2024, the Bitcoin network is set to undergo its largest halving in terms of USD-denominated change of miner rewards.A total of 3-7% of Bitcoin miners might go offline post-halving as rewards are set to drop from 6.25 to 3.125 Bitcoin per block.As per CoinWarz data, during March 2024, the Bitcoin hashrate spiked over 700 Ehashes per second at least four times.The Bitcoin hashrate is a key metric of Bitcoin network activity.
The surging hashrate demonstrates the increased motivation of Bitcoin miners to continue their contribution to keeping BTC safe and decentralized. As such, the ongoing dynamics are a clear signal of miner optimism about the midterm BTC price performance.Blockhain Sophon Secures $10M in Funding from Renowned Investors While Shrouded in Mystery
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