At the time of writing, the average hash rate rose to 913.63 exahash (EH/s) per second, showing an increase of 9.91% over the past 24 hours. This rise is evidence of increased confidence and increased activity among BTC miners.
Hashrate is the total computing power that protects the Bitcoin network. This measures the number of calculations BTC Miner performs per second, processing and protecting transactions.
Thus, the rise in hashrate suggests that more machines are working to ensure that the network remains secure and decentralized. It also reflects market sentiment.
The more miners that participate in the network, the greater the confidence in BTC that it is worth it to mine regardless of cost.
BitinFocharts data shows that hashrates have exceeded nearly 800 EH/s over the past three months. During this period, when this metric exceeds 1,000 EH/s, there was an opportunity to surpass record high levels of computing power.
The latest jump suggests that more efficient or upgraded mining equipment will come online despite the decline in rewards after the Bitcoin Harving event. It also means that existing miners are deploying new machines to improve operational capabilities.
BTC prices are not solely affected by hashrates, but are usually a supportive indicator of bullish trends. It is worth noting that the price of BTC remains at around $95,000. This indicates that miners are not selling their holdings on a continuous basis.
BTC prices show modest profit
Meanwhile, BTC is currently trading at $94,724, up 0.26% on the last day, according to current CoinMarketCap data. This small price profit comes with a drop in trading volume.
Cryptocurrency’s trading volume is currently at $25.04 billion, after a 23.8% decline in the last 24 hours. The coin chart shows the level of volatility during the period above.
However, it still ended the period at a slightly higher level than where it began. Despite the decline, the high volume of trading suggests a growing interest in the Bitcoin market.
