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Bitcoin has surpassed $99,000 in a historic milestone, with the network hash rate reaching an all-time high.
Bitcoin's hashrate has achieved new highs, marking a significant milestone for the cryptocurrency's network security and mining efficiency. Hashrate refers to the total computing power of all Bitcoin miners, and the current peak indicates that there have never been more miners online, actively securing the network.
According to a new CryptoQuant report, this increase in hashrate comes after a drop following the latest Bitcoin halving event.
Bitcoin Hashrate Hits All-Time High
— CryptoQuant.com (@cryptoquant_com) November 22, 2024
“After the halving, there was a noticeable decrease in hashrate, but with the replacement and upgrading of existing mining equipment, the hashrate began to trend upwards starting in July.” – By @DanCoinInvestor
Link 👇… pic.twitter.com/tUDkCHrzDP
CryptoQuant noted that after the halving in April 2024, there was a considerable fall in hashrate, but with the replacement and upgrading of existing mining equipment, the hashrate began to rise upward beginning in July. In April, the Bitcoin code automatically reduced fresh issuance of the world's largest cryptocurrency in half, a process that occurs every four years to create scarcity.
Currently, miners are operating their mining rigs more actively than ever before. Mining activity appears to be increasing in the United States, which could be attributed to the current favorable sentiment on the market.
Bitcoin hit all-time highs
Bitcoin breached the $99,000 level for the first time Thursday, after four consecutive days of rises.
The price of Bitcoin was last up 0.3% at $97,569, according to CoinMarketCap data. Earlier, it rose as high as $99,500. The most recent U.S. developments include Securities and Exchange Commission Chair Gary Gensler's decision to resign on Jan. 20. Gensler's tenure was highlighted by a flurry of SEC cryptocurrency enforcement proceedings, which the industry expects to subside.
Bitcoin treasury company MicroStrategy intends to accelerate purchases of the coin, and the launch of options on U.S. Bitcoin exchange-traded funds also lifted sentiment this week. In recent weeks, a group of a dozen U.S. ETFs that invest in Bitcoin had a net inflow of more than $6.8 billion. The group's overall assets surpass $100 billion.