cointelegraph.com
Bitcoin (BTC) has seen a classic indicator of a coming bull run pass a historic milestone as miners commit more and more resources to its future.
According to data from on-chain monitoring resource Glassnode on April 16, Bitcoin's network hash rate has passed total exahashes per second (EH/s) for the first time in its history.
Hash rate underscores miner commitment
Coming as a spike in a long-term uptrend, crossing the significant boundary means that the hash rate has doubled in under nine months.
Coinbase successfully debuted on Nasdaq earlier this week, bringing its profile and that of cryptocurrency more broadly to a new mainstream audience.
Bitcoin itself, however, has yet to see a transformation, its price coming down from the highs witnessed just before Coinbase went public to test $60,000 support repeatedly thereafter.
An area around $61,200, described as crucial to maintaining upward momentum, failed to secure bulls' interests.
Turkey moving to ban transactions in cryptocurrency, while practically irrelevant to the industry as a whole, did not help sentiment as the news broke earlier on the day. The ban will take effect on April 30.