BTC`s Hashrate Hits New Records as Prices Test New Lows

BTCs-Hashrate-Hits-New-Records-as-Prices-Test-New-Lows
  • It is more difficult recently to perform a 51% attack within the Bitcoin network.
  • A 30d EMA’s measurement of BTC`s Hashrate is at an all-time high.
  • With a 24-hour trading volume of $15,932,234,318 USD, the price of one bitcoin is currently $19,161.35 USD.

The Hashrate is hitting new highs as Bitcoin’s (BTC) values are reaching new lows due to a more substantial negative drive. As miners continue to make significant investments in the infrastructure of the Bitcoin ecosystem throughout the bear market, network fundamentals are still strong.

As a result, it is more challenging to conduct a 51% assault within the Bitcoin network since security is the most crucial component of a blockchain.

A 30d EMA’s measurement of Hashrate is at an all-time high, which indicates that more mining equipment has been activated to confirm new blocks in the network according to the CryptoQuant.

However, the profitability of the miners decreases as the difficulty is higher because of the increased Hashrate. This would consequently lead to new capitulation events by the miners.

It is crucial to remember that for miners, the crypto winter has undoubtedly been challenging. Their profit margins have shrunk as Bitcoin prices have fallen more than 50% this year. The electricity costs have increased and financing has dried up. 

Miners are strengthening their position in a case where the market inevitably flips. Some miners, like Merkle, have continued to build up their facilities during the down market.

According to Coinmarketcap, Bitcoin’s price today is $19,161.35 USD with a 24-hour trading volume of $15,932,234,318 USD. Bitcoin is down 0.11% in the last 24 hours and has a live market cap of $367,653,213,721 USD. 

It has a circulating supply of 19,187,231 BTC coins and a max. supply of 21,000,000 BTC coins. This shows a continuous bearish sentiment.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer