Bitcoin Hovers at $42,000 as Hashrate Hits Record High


Key Takeaways

Bitcoin’s hashrate has hit a new record high of 248.11 million terahashes per second.
The top crypto asset is currently trading just above $42,000.
Despite the hashrate jump, Bitcoin has had a sluggish start to 2022.

Share this article

Bitcoin has hit its biggest-ever hashrate while the price of the asset appears to have rebounded over the last few days.

Bitcoin Hashrate Hits All-Time High 

The Bitcoin network’s hashrate has recorded a new all-time high.

According to data from Glassnode, it jumped to 248.11 million terahashes per second Saturday, which represents an increase of more than 200% since it dipped to 82 million terahashes per second following China’s mining ban in June 2021.

The Bitcoin hashrate refers to the amount of computing power assigned to the blockchain to verify transactions and earn block rewards. It’s a useful metric for determining the health and security of the blockchain. When the hashrate is higher, Bitcoin is more secure against attacks because more computing power would be required to take control of a majority stake of the network. Such attacks are frequently referred to as “51% attacks.”

Source: Glassnode

Where China was previously the bigger contributor to the network’s hashrate, the recent ban has meant that the United States now holds the top spot.

Bitcoin’s hashrate high comes as the amount of Bitcoin on cryptocurrency exchanges has hit a three-year low of 2.5 million coins, per Glassnode data. This metric suggests that as the network’s security is strengthening, fewer investors are looking to sell their holdings.

Bitcoin is currently trading at around $42,200, which is just above the local support level at $41,500. The $41,500 level is a resistance-turned support level that Bitcoin reclaimed earlier this month before topping $46,000.

Nonetheless, while the hashrate jump bodes well for Bitcoin’s fundamentals, the top crypto asset has put in a lacklustre performance so far this year along with much of the rest of the crypto market. It’s down about 9.4% year-to-date and sitting roughly 39% short of its all-time high price of $69,000 recorded in November 2021.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

U.S. Now Top Bitcoin Mining Hub After China Ban

Data from Cambridge Centre for Alternative Finance (CCAF) indicates that China’s contribution to Bitcoin’s global mining hashrate has completely declined. U.S. Becomes World Leader for Bitcoin Mining  New research data…

A Week from Halving, Bitcoin Hash Rate Breaks New Record

Bitcoin’s hash rate has climbed above its previous all-time high thanks to the latest rally in price. But with volatility a given in the Bitcoin market, the mining industry is…

After Second Double Spend Attack, Ethereum Classic’s Future Is i…

A second reorg attack hit the Ethereum Classic blockchain in the last week. After two consecutive blows to the blockchain’s immutability, the community needs to rally to find a viable…

A Guide to Yield Farming, Staking, and Liquidity Mining

Yield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of these liquidity…



Source

Recommended For You

About the Author: wp4crypto

Leave a Reply

Your email address will not be published. Required fields are marked *