In the weeks we left behind, the crypto market was not good. The price of Bitcoin (BTC) fell from $ 10,500 to $ 8,400.
Bitcoin (BTC) Hashrate Increased 3 Times
Recent data from blockchain.com suggests that miners are starting to devote a lot of resources to mining the largest cryptocurrency. Bitcoin's hashrate saw 136 exahash (or 136.3 million terahash) levels per second just two days ago. This figure is almost three times higher compared to the hashrate a year ago.
Blockfolio, the cryptocurrency price monitoring application, said the following about the importance of this development:
While Wall Street has had the worst week since the 2008 financial crisis, Bitcoin's hashrate has reached its all-time high; 136.264.908 terahash per second.
Crypto analyst RookieXBT pointed out the peak reached by the hashrate of Bitcoin and explained that this is a big bullish sign as follows:
Bitcoin’s hashrate recorded on Tuesday is about 940% more than the hashrate recorded at the peak of $ 20,000 in BTC. Bitcoin has never given such a big bullish signal.
related link: https://twitter.com/RookieXBT/status/1234874898687909888
Miners Believe That Price Will Rise
The rise in the hashrate, which shows the total mining power of the network, shows two things:
Bitcoin miners are confident of the long-term success (especially in terms of price) of the cryptocurrency and allocating more resources to the security of the network.
The hashrate increases as the technology of mining equipment improves.
Also, the increase in hashrate or the cost of mining the cryptocurrency is directly related to the price action.
Digital asset manager Charles Edwards is one of those who think that hashrate will have an effect on Bitcoin price. Edwards argues that the price of Bitcoin will increase significantly in the near future, referring to the chart below.