Bitcoin Hashrate Breaks Record, Raising Concerns about Market Sentiment

Bitcoin has achieved a new all-time high in hash rate, exceeding one zetahash for the first time. This milestone comes alongside a concerning drop in Bitcoin price, potentially impacting profitability for miners. Glassnode data reveals the intraday peak of 1025 EH/s and a smoothed seven-day moving average reaching 897.6 EH/s on April 6th. Mining complexity reached an all-time high at 121.51 T on April 5th, adding 6.81% in a single update. Despite this progress, the market sentiment is uncertain due to the falling Bitcoin price and declining network fees. The prediction for the next hash rate recalculation is in 11 days, and it is expected to reduce complexity by 0.5%. The first cryptocurrency has experienced a decline in value since April 7th after collapsing below $75,000. Its price has bounced back around $80,000 (CoinGecko), but this trend points towards profitability challenges for miners. Analysts have observed that the recent growth in hash rate hasn’t been matched by a corresponding increase in Bitcoin prices, with the price falling nearly 30% from its peak in January. Hashrate Index data reveals a significant drop in hashprice to its lowest point since the beginning of the year at approximately $40 per day per PH/s.