March 28, 2024

Bitcoin network hash reached a record level of 150 EH / s

Bitcoin network hash reached a record level of 150 EH / s

In a week, approximately on May 12, the halving will take place — The reward for mining Bitcoin will be halved.

In anticipation of this event, the amount of computing power used to extract cryptocurrency reached a record high of 150 exams per second (EH / s).

At the beginning of March, this figure reached 125EH/s, however, after the price of Bitcoin fell to a yearly low, miners began to exit Bitcoin mining en masse. Soon the price of BTC recovered and miners began turning on their equipment again.

Bitcoin network hash reached a record level of 150 EH / s

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Glassnode service analysts have indicated a rapid increase in computing power ahead of the May Halving. At the end of last week, the hashrate reached a record of just below 150 EH / s.

Analysts associate the surge in miner activitynot only with the halving itself, but also with the entry into work of Chinese mining enterprises, which are again starting to mine BTC after the lifting of restrictions due to coronavirus.

Since the beginning of 2020, the hashrate of the Bitcoin network has grown by about 50%.

Some researchers suggest that the increaseHash rate can lead to further strengthening of the BTC rate. One of the supporters of this point of view, Charles Edwards draws attention to the fact that in parallel we are witnessing the expansion of the Bitcoin ecosystem.

Positive Fundamental Network Hashrate Growth Factors

The hash rate is now more than nine times higher than in December 2017, when the price peaked at $20,000, up 50% year-to-date.

The rapidly increasing hash rate is not the only metric signaling an impending move back to a full-fledged bull market.

Rewards are halved for each newThe block added to the network also ensures that the number of coins appearing on the market daily will also lead to a reduction in BTC inflation by 50%, which &#8212; will entail a reduction in supply &#8212; guaranteed to increase the price while demand remains the same.

Judging by Shakepay data, demand is developing &#8212; The number of active addresses on the network has reached a multi-month high, recently surpassing 840,000 addresses, and continues to grow.

Bitcoin network hash reached a record level of 150 EH / s

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In addition, the number of new daily organizations using the Bitcoin network has recently reached 17,000 a day, when the rally began in 2019, the value increased from $ 4,000 to $ 14,000.

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