Bitcoin mining: new hashrate reached all-time high - why the weekly average shows an increase in the value of BTC

Bitcoin mining: new hashrate reached all-time high - why the weekly average shows an increase in the value of BTC

By deleted00024 | X.Crypto.0X | 7 Jul 2020


The bitcoin mining hashrate can be seen as one of the most important numbers related to the digital asset. This can be justified because it reflects the computing power that is used in the network to verify the transactions and thus colloquially indicates "how secure" the BTC network is. After the halving, however, the hashrate suffered a severe setback, as expected, and in the meantime plummeted to well below 90 TH / s. However, this negative trend now seems to have been completely overcome since the weekly average hashrate has reached a new all-time high. We explain to you why this is also good for the value of Bitcoin. Have lots of fun with it!

Bitcoin mining hashrate looks healthier than ever

According to CoinMetrics, the weekly average of Bitcoin mining hashrate, which indicates the amount of total computing power used in the network, has just reached the highest value so far at 123 TH / s.

This reflects the growing confidence of miners, who continue to invest heavily in more efficient equipment to remain competitive.

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The data from Blockchain.com even shows that the Bitcoin mining hashrate is on the right track to exceed the March 1st peak of 136.25 TH / s.

After the Bitcoin mining hashrate had risen to 136.098 TH / s by May 10, it saw a sharp decline after the halving, which now seems to have been successfully fended off by the miners.

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The value of Bitcoin is increasing

But what does the asset actually have from the recovery of the Bitcoin mining hashrate after the halving? The best way to do this is to look at the intrinsic value of BTC, which, contrary to many critics, digital gold has due to the mining costs.

As Charles Edwards, from Crypto Asset Manager "Capriole Investments", shows on Twitter, the "energy value" of BTC is now reaching a new all-time high. He writes:

Super bullish.
Bitcoin's energy value has just reached an all-time high.
#The intrinsic value of Bitcoin has never been higher.
How can you be bearish?

Capriole's metric is important for a new upward trend in Bitcoin as it can be used to determine the intrinsic value of the leading cryptocurrency.

In its blog post, the company described that there is a direct correlation between the BTC price and its energy value. The recovery of the Bitcoin mining hashrate and the increase in the energy value of BTC is another reason to be optimistic about the future of the asset.


deleted00024
deleted00024

i'm an electronic engineer and also i'm very interested about bitcoin and blockchain technology so i write article about it


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