The Bitcoin network hashrate has reached its maximum value – 123.4 EH/s

The most important indicator of the Bitcoin hashrate has reached a new record level.on July 6, this value reached 123.4 Eh / s.

The previous record was set in early March, just a week before the collapse of mid-March, when not only the price collapsed, but also network activity.

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A hash rate is an estimate of how much computingminers spend power on processing bitcoin transactions. High rates indicate that miners believe in profitability, while their activities strengthen the network.

"I expect the hashrate to continue to rise, maybe a little less than on the dark blue line after 2016, but adding 2-3x per year.", - commented the cryptanalyst PlanB.

Currently growing fundamentalindicators are contrary to the lack of bull activity. It is believed that only growth in the stock markets saved Bitcoin from retesting support around $ 9,000.

Bitcoin difficulty before and after 2012, 2016 and 2020 halving. I expect it to keep going up from here, maybe slightly less than the dark blue post 2016 line, at ~ 2-3X / yr. pic.twitter.com/a6hqxo4zav

- PlanB? (@ 100trillionUSD) July 6, 2020

The highs of $ 9,370 were short-lived, now the price is close to $ 9,250. Filbfilb analyst emphasized that these levels are a 50-day moving average (DMA) of bitcoin:

&#171;Bitcoin failed to gain a foothold last nightabove $9,300, the 50 DMA again became a test for Bitcoin, which hovered at the “support” level around $9,250. The previous 2 times in the same situation, nothing worked either.

At that time, S&amp;P 500 futures were also declining, as they are today, so I hedged my positions.

Meanwhile, the realized volatility is at the lows that have not been observed since November 2018, shortly before the huge sale plunged bitcoin to lows of $ 3,100.

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