Bitcoin’s Blockchain Hash Rate Gets Closer To All-Time High After Weeks Of Sustained Growth
Bitcoin Hash Rate Gets Closer To Its All-Time High After Several Weeks Of Sustained Growth
- Bitcoin hash rate continues to grow and it is getting closer to all-time high levels
- Miners are becoming more decentralized
As the price of Bitcoin (BTC) gets closer to $9,000 the hash rate continues to increase as well. Bitcoin has been growing in the last few months and the sentiment seems to be getting more positive as time passes. According to data provided by Blockchain.com, hash rate is close to 55 million TH/s just 5 million from its all-time high registered in September 2018.
Bitcoin’s Hash Rate Continues To Grow
Everyone was very excited last year when Bitcoin’s hash rate was growing but the price kept falling. Bitcoin’s network was becoming more secure than before but it was also more difficult for miners to be profitable with a growing difficulty. This is why, when Bitcoin dropped under $6,000, the network’s hash rate fell almost 50%.
Since that moment registered in November and December, the hash rate recovered and it is getting closer and closer to its all-time high from September. With the price increase that Bitcoin experienced the last few months, the price is getting closer to $9,000.
At the same time, as the market expanded, some reports explained that Bitcoin’s hash rate was becoming more distributed among smaller mining participants in the space, which is good for decentralization.
Diar explained about it:
“As Bitcoin’s Hash Power continues in steady growth nearing highs, major pools whose tussle for solving blocks looks all but plateaued month in, month out. Smaller mining pools have made significant gains in the past few months as unknown miners either drop off or join a tribe.”
Economic activity seems to be growing on the Bitcoin blockchain, which is very positive for the future of the digital currency, as it is possible to see on the current data. At the moment, Bitcoin’s economic activity is over 30 percent higher than during the all-time high registered in 2017.
At the time of writing this article, Bitcoin is being traded around $8880 and it has a market capitalization of over $157 billion.