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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Hashrate Approaches New ATH, What Does It Mean For The Price?

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 7:43 am
3 mins read
Bitcoin

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Data shows Bitcoin mining hashrate is now near its all-time high (ATH) set back in April. Here’s what it may mean for the price of the crypto.

Bitcoin Mining Hashrate Nears A New ATH

According to on-chain data, the BTC network hashrate seems to be approaching the ATH it set back in April of this year.

The “hashrate” is an indicator that shows the total amount of computing power connected to the Bitcoin blockchain network.

On the BTC blockchain, miners compete with each other by solving complex algorithms so that they can handle transactions.

For this purpose, miners require a high amount of computing power. Thus, a high amount of hashrate means there is a lot of power present on the Bitcoin network, which can help the chain perform faster and more efficiently

Also, high values of the indicator may also imply that there are a lot of nodes (that is, miners) connected to the network. Therefore, such values can lead to better decentralization of the BTC network. This helps make the blockchain more secure against any possible attacks.

On the other hand, if a crypto network has low hashrate, the chain may show poor performance, and it might also have worse security.

Related Reading | Why “Bitcoin Creator” Craig Wright Came Out Ahead Despite Having To Pay $100 Million

Now, here is a chart that shows the trend in the value of the Bitcoin hashrate over the past year:

Bitcoin Mining Hashrate

Looks like the value of this indicator has been trending up for a while now | Source: Blockchain.com

As you can see in the above graph, the Bitcoin hashrate seems to be advancing towards its previous ATH that was achieved earlier in the year.

When the ATH was set in April, BTC’s price also peaked then. After China’s crackdowns on mining started, the hashrate began to go down, and had collapsed by June.

Since then, the value of the indicator has steadily worked its way back up, and if the trend continues, a new ATH could be there.

Related Reading | Bitcoin Miners Hold Off On Selling As Their Reserves Reach 2021 High 

Earlier some speculated that when the hashrate will make a new ATH, the price of Bitcoin will also follow lead. However, since the bloodbath of November, the coin’s price has rather dwindled down.

Nonetheless, an increasing hashrate has generally been bullish for Bitcoin, which may also be the case this time.

BTC Price

At the time of writing, Bitcoin’s price floats around $47.7k, down 0.5% in the last seven days. The below chart shows the trend in the price of BTC over the past five days.

Bitcoin Price Chart

BTC's price seems to have mostly consolidated in the last few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Blockchain.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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