Bitcoin is More Secure Than Ever!

The seven-day Bitcoin mining hashrate just reached a new all-time high this week. Amid increasingly difficult mining conditions, this activity is regaining interest amongst miners. This high hash rate indicates a high level of security for the Bitcoin network. It also reflects the overall sentiment of validators towards the cryptocurrency. So why this new record? Let’s find out in this article.

A New All-Time High in Bitcoin Hashrate

The average hashrate of Bitcoin over a week has just reached a new ATH. The hashrate, also referred to as mining rate, measures the total computational power of the miners connected to the Bitcoin blockchain. The chart shows that the 7-day Bitcoin hashrate has skyrocketed between early September and late November. Miners have expanded their setups in anticipation of a rally following BTC’s climb.

To understand the hash rate, it’s important to know that this indicator is linked to the security of the network. The more participants there are, the higher the computational power. The security of the network is thus strengthened, making malicious attacks all the more difficult. This indicator also reflects the sentiment of miners towards the Bitcoin cryptocurrency. A high rate suggests that participants find the chain interesting to mine. On the contrary, these miners might think that mining activity is not profitable.

The Influence of BTC Price

The impact of the crypto’s price on the mining activity cannot be overlooked. The BTC price directly affects the miners’ earnings. BTCs are indeed the block rewards for miners. With the bullish trend that Bitcoin has recently recorded, the hashrate went up again last week. Another reason for this increase in the hashrate is the surge in popularity of sign-ups, causing transaction fees on the network to explode.

Currently, Bitcoin is following a rather winding trajectory. Its price increased significantly before falling back down at the end of the weekend. At the time of writing, the BTC price is $42,819.

However, it’s interesting to note the appearance of a symmetrical triangle on the daily chart. A breakout of this pattern could have significant implications for investors.