Bitcoin Hovers At $42,000 As Hashrate Hits Record High

THELOGICALINDIAN - Bitcoins hashrate hit 24811 actor terahashes per additional over the weekend

Bitcoin has hit its biggest-ever hashrate while the amount of the asset appears to accept rebounded over the aftermost few days.

Bitcoin Hashrate Hits All-Time High

The Bitcoin network’s hashrate has recorded a new best high.

According to data from Glassnode, it jumped to 248.11 actor terahashes per additional Saturday, which represents an access of added than 200% back it biconcave to 82 actor terahashes per additional afterward China’s mining ban in June 2021.

The Bitcoin hashrate refers to the bulk of accretion ability assigned to the blockchain to verify affairs and acquire block rewards. It’s a advantageous metric for free the bloom and aegis of the blockchain. When the hashrate is higher, Bitcoin is added defended adjoin attacks because added accretion ability would be appropriate to booty ascendancy of a majority pale of the network. Such attacks are frequently referred to as “51% attacks.”

Where China was ahead the bigger contributor to the network’s hashrate, the contempo ban has meant that the United States now holds the top spot.

Bitcoin’s hashrate aerial comes as the bulk of Bitcoin on cryptocurrency exchanges has hit a three-year low of 2.5 actor coins, per Glassnode data. This metric suggests that as the network’s aegis is strengthening, beneath investors are attractive to advertise their holdings.

Bitcoin is currently trading at about $42,200, which is aloof aloft the bounded abutment akin at $41,500. The $41,500 akin is a resistance-turned abutment akin that Bitcoin reclaimed beforehand this ages afore topping $46,000.

Nonetheless, while the hashrate jump bodes able-bodied for Bitcoin’s fundamentals, the top crypto asset has put in a lacklustre achievement so far this year forth with abundant of the blow of the crypto market. It’s bottomward about 9.4% year-to-date and sitting almost 39% abbreviate of its best aerial amount of $69,000 recorded in November 2024.