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U.Today - According to the latest data from Bitinfocharts, Bitcoin’s (BTC) hashrate has experienced a significant rise.
At the time of writing, the average hashrate has risen to 913.63 exahashes per second (EH/s), indicating a 9.91% increase over the past 24 hours. This rise is proof of growing confidence and increased activity among BTC miners.
The hashrate is the total computing power that secures the Bitcoin network. It measures the number of calculations BTC miners perform each second to process and secure transactions.
Hence, the rise in hashrate suggests that more machines are working to ensure the network remains safe and decentralized. It also reflects market sentiment.
The higher the number of miners participating in the network, the greater their confidence in BTC as being valuable enough to mine regardless of the cost.
The Bitinfocharts data shows that the hashrate has stayed mostly above 800 EH/s over the last three months. There have been occasions during this period where this metric rose above 1,000 EH/s—a record-high level of computing power.
The latest jump suggests that more efficient or upgraded mining equipment is coming online, despite the drop in rewards after the Bitcoin halving event. It could also mean that existing miners are deploying new machines to improve their operational capacity.
Even though BTC price isn’t solely influenced by the hashrate, it is usually a supportive indicator of bullish trends. It is worth noting that BTC’s price has remained around $95,000, an indication that miners aren’t selling their holdings continuously.
BTC price shows modest gains
Meanwhile, BTC currently trades at $94,724, up by 0.26% in the last day, according to current CoinMarketCap data. This small price gain comes alongside a drop in trading volume.The cryptocurrency’s trading volume is currently $25.04 billion, following a 23.8% drop in the last 24 hours. The coin’s chart shows a level of volatility during the period mentioned above.
However, it still ended the period at a slightly higher level than where it started. Despite the drop, the high trading volume suggests that there is heightened interest in the Bitcoin market.