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Bitcoin’s network is the strongest ever, with just over a week before halving
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- Bitcoin hashrate follows the price
- Another mining capitalization?
According to data provided by chain research firm Glassnode, Bitcoin’s hashrate, which measures cumulative computing power within the network, has reached a new all-time record.
It has risen above the 140 EH / s level, with just over ten days to the middle of May.
Bitcoin hashrate follows the price
After the BTC price took a big beating on “Black Thursday” on March 12, many smaller miners had no choice but to close the store.
As a result, the hashrate registered an unprecedented. 44 percent drop, which was preceded by the second largest negative hardship adjustment to date.
Since then, Bitcoin’s computing power has managed to recover at the same rate as its price. On April 30, BTC rose to its multi-month high of $ 9,481.
Another mining capitalization?
The most obvious reason for the hashrate’s skyrocketing rise is that miners are trying to rack up more coins before the third Bitcoin (BTC) halving that is slated for May 12.
The event, which programmatically reduces the mining reward by 50 percent, takes place every four years after approximately 210,000 blocks. This time, the miners’ pay will be cut in half from 12.5 BTC to 6.25 BTC.
The halves of Bitcoin Cash (BCH) and Bitcoin SV (BSV), which occurred on April 8 and 10, respectively, have toppled the hashrates of the two holders, but analysts believe that BTC is fundamentally different.
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