The Bitcoin network just hit a new all-time high in hash rate, reaching 971 exahashes per second according to CoinWarz data. This notable surge comes as the leading cryptocurrency struggles with a recent price dip below $111,000. 📈
It’s important to note that this recent peak wasn’t solely random, as it follows several periods of short-lived spikes above 1 zettahash per second earlier this month. These short spikes are not usually recognized as true all-time highs due to the inherent randomness in block production.
To accurately capture these peaks, analysts look at longer timeframes to smooth out these fluctuations. This means we can potentially see even higher figures on long-term charts that are less susceptible to short-term noise.
Hashrate and price: The relationship between Bitcoin’s hashrate and price remains an area of discussion.
However, the recent peak suggests a stronger underlying network as more miners continue to utilize their resources when prices rise. Meanwhile, Bitcoin faces downward pressure on the price front with its recent decline below the $111,000 mark.
Geographically, the US currently holds the largest share of global hashrate at 36%, followed by China at 14%. This suggests the US mining dominance despite the recent ban.