The total hashrate on the Bitcoin (BTC) network reached a fresh all-time high on Tuesday, despite consistently low bitcoin prices. The increase could be a sign that miners are now more optimistic about the bitcoin price.
According to data from Blockchain.com, the total hashrate this week reached 241.88 Ehash/s, up significantly from this year’s low from early January of 168.2 Ehash/s.
The all-time high was reached when looking at the data on a 7-day moving average basis, an often-used way to smooth out shorter-term fluctuations in the hashrate on the Bitcoin network.
The hashrate is a measure of the computing power that is dedicated to mining Bitcoin and securing the network. An increasing hashrate thus means that more mining machines are coming online, which could signal rising optimism among miners about bitcoin prices going forward.
The rise in hashrate is notable given that the bitcoin price has largely trended lower this year, and has remained stuck in a consolidation zone...
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