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As the Bitcoin (BTC) price managed to hold above $70,000, which is its previous multi-year high from November 2021, the hashrate of the first crypto keeps rocketing.
Bitcoin at $70K, hashrate over 700 EH/s: CryptoQuant CEO on "Container with three times more money"
Despite Bitcoin's (BTC) price only slightly exceeding its 2021 high, the aggregated hashrate is 200% larger now. Such an optimistic "imbalance" is noticed by Ki Young Ju, the CEO of leading crypto analytics platform CryptoQuant.
#Bitcoin = Money container
— Ki Young Ju (@ki_young_ju) March 30, 2024
Hashrate = Container size measure
Same price level as the previous ATH, but this container can now store three times more money. pic.twitter.com/2i7waHL0M1
The Bitcoin (BTC) network, therefore, can be compared to a container for money. As its miners are producing 200% more hashes per second, this container now can store 3x more money, the renowned analyst says.
He also demonstrated a chart with a whopping 30-month rally of critical Bitcoin (BTC) network activity metrics. In 2021, it experienced the last prolonged dropdown in almost five years.
As covered by U.Today previously, in April 2024, the Bitcoin (BTC) network is set to undergo its largest halving in terms of USD-denominated change of miner rewards.
A total of 3-7% of Bitcoin (BTC) miners might go offline post-halving as rewards are set to drop from 6.25 to 3.125 Bitcoin (BTC) per block.
Bitcoin (BTC) hashrate doubled in one year: Bullish?
As per CoinWarz data, during March 2024, the Bitcoin (BTC) hashrate spiked over 700 Ehashes per second at least four times.
To provide context, a year ago, it was staying in the 300-350 EH/s range.
The Bitcoin (BTC) hashrate is a key metric of Bitcoin (BTC) network activity. It demonstrates the net number of hashes miners are calculating every second to compete for the opportunity to add the next block.
The surging hashrate demonstrates the increased motivation of Bitcoin (BTC) miners to continue their contribution to keeping BTC safe and decentralized. As such, the ongoing dynamics are a clear signal of miner optimism about the midterm BTC price performance.