Bitcoin hashrate at all-time highs despite volatility
Despite ongoing volatility in the crypto markets, the Bitcoin hashrate has continued to push through all-time highs (ATH) in the past week, meaning that the network is the most secure it’s ever been
The hashrate is amplified by an increase in miners competing on the Bitcoin network for their chance to mine blocks and earn rewards in Bitcoin, which may be due to miners seeing the potential for future returns
The hashrate recorded a new ATH on 12 June when it peaked at 230 total hashrate per second (TH/s) and is currently hovering around 220 TH/s
Bitcoin miners are more active than ever, even though the Bitcoin price has taken a beating in the last week, caused by market volatility within and outside the crypto markets.
Hashrate describes how much computational power is connected to the Bitcoin network. The higher the hashrate, the more secure the network.
While an increase in hashrate doesn’t necessarily correlate with the price in Bitcoin, it may suggest that miners are seeing an increased opportunity for rewards that may pay off in future.
Learn more about proof of work, mining and hashrate on the Luno learning portal.