Bitcoin

On-chain data shows the Bitcoin mining hashrate has continued its recent uptrend and has reached a new all-time high. 
<h2 id="bitcoin-7-day-average-mining-hashrate-has-just-set-a-new-all-time-high">Bitcoin 7-Day Average Mining Hashrate Has Just Set A New All-Time High</h2> 
The “<a href="https://bitcoinist.com/unstoppable-bitcoin-hashrate-miners-bull-run/" target="_blank" rel="noopener ">mining hashrate</a>” refers to a metric that keeps track of the total computing power the miners have connected to the Bitcoin blockchain. 
This indicator can correlate with the network’s security, as this combined computing power controls and manages the chain. If a malicious attacker intends to take over the network, they would have to gain control over most of the online mining rigs. 
Thus, the more computing power connected to the network, the harder it is to perform such a 51% hack, so the tighter the security of Bitcoin. This is only, of course, given that the hashrate is sufficiently decentralized. 
Besides this correlation with the security, the mining hashrate’s value can also tell us about the sentiment around the cryptocurrency among the chain validators. 
When the value of this indicator goes up, it means that the miners are adding more power to the network right now. Such a trend suggests these chain validators find the chain attractive to mine. 
On the other hand, a decline in the metric suggests some miners have decided to take their machines offline, likely because they are currently finding mining unprofitable. 
Now, here is a chart that shows the trend in the 7-day Bitcoin mining hashrate over the past year: 
<img loading="lazy" decoding="async" class="alignnone wp-image-270294 size-large aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?resize=980%2C413" alt="Bitcoin Mining Hashrate" width="980" height="413" srcset="https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?w=1388 1388w, https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/12/chart.png?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
The chart shows that the 7-day Bitcoin mining hashrate climbed sharply between the start of September and the end of November. The miners expanded their facilities in preparation for a rally, which they got when BTC started its current run. 
The BTC price directly influences the revenue of these chain validators, as the block rewards they receive are fixed in terms of BTC. Still, their USD value varies alongside the cryptocurrency’s spot price. 
This month, though, the metric had started by observing some decline, even though Bitcoin had seen some further uptrend. However, the Bitcoin mining hashrate has kicked back up in the past week. 
The reason behind this reignition in the hashrate momentum has been the revival in the popularity of the <a href="https://bitcoinist.com/bitcoin-inscriptions-mania-levels-miners-benefit/" target="_blank" rel="noopener ">Inscriptions</a>, which has lead to the <a href="https://bitcoinist.com/bitcoin-fee-surpasses-ethereums-third-straight-why/" target="_blank" rel="noopener ">transaction fees</a> on the network exploding. 
The fee is the second component of the miners’ revenue, so it makes sense that its surge would entice this cohort to make further investments in their facilities. 
With the latest increase in the indicator during the past day, the indicator has now set a new all-time high, as the entire drawdown from earlier in the month has been retracted. 
<h2 id="btc-price">BTC Price</h2> 
At the time of writing, Bitcoin is trading at around $42,600, up 3% in the past week. 
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/lNhkU196/" alt="Bitcoin Price Chart" width="1534" height="870">

Bitcoin Network Strengthens: Hashrate Sets New All-Time High

Table of Contents

Bitcoinist

Other articles published on Dec 19, 2023

Why Bitcoin longs are seeing liquidations

Court prevents DCG from altering Genesis ownership

Monsterra x AuraNetwork: 14 Days of Cosmic Thrills Unleashed!

EU Bans Russian Nationals from Crypto Service Control

KuCoin Labs partnering with BRC20 tool Biis

Develop and Deploy Blockchain Applications Readily with Stratis

Join our free newsletter for daily crypto updates!