Bitcoin hashrate hits an all-time high while price consolidates

Bitcoin hashrate hits an all-time high (ATH) as new mining rigs join the network. We have hit 194.95 exahash per second, and the previous ATH was 191.42 EH/s. An increase in mining capacity has also been followed by an increase in difficulty level. There has been an 8.33% increase since December 11, after the hash rate saw a good spike. The increase is also bullish for price action because BTC’s hash rate and price are often seen as co-related.

Bitcoin hash rate

We saw the last ATH when the price of Bitcoin was at $65k. At that time, China banned crypto mining, and there were a lot of negative things happening in space. This led to a crash in the hash rate of Bitcoin as well as the price. After this, as the price and hash rate bottomed out, we saw it slowly recover as mining companies started to come online again after moving out from China. And again, we hit a new price high on November 10 and hash-rate ATH in December.

Unlike last time the price of Bitcoin seems to have broken some co-relation with the mining hash rate. This is because the price of BTC has consolidated around 30% since the ATH in November, but the hash rate keeps rising. This is also the reason after the difficult decrease in November; we again saw an 8% spike in December.

Bitcoin hashrate hits an all-time high
Image Source: Coingape

Hash rate distribution

Right now, the highest hash rate is generated by Antpool mining with 34.6 EH/s. It is followed by the F2 pool at 25.27 EH/s, Foundry USA at 23.32 EH/s. These three combined contribute almost 50% of the entire hash rate of Bitcoin at 46.7%. We also have a lot of comparatively smaller mining pools that contributed anywhere between 0.2%-7% of the hash rate. The unknown or stealth miners stand at 21.77 EH/s or 12.2% of the total hash rate.

The increase in mining capacity can be attributed to the fact that companies are ordering more mining rigs that are really powerful. It is expected that a lot of these rigs are online and are contributing SHA256 hashrate to the network.

What are your thoughts as Bitcoin hashrate hits an all-time high? And do you think that that we are in for a fresh bull run in 2022? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Analysts expect a refreshed Bitcoin bull run in 2022