Bitcoin Hashrate Climbs 93% from the Recent Lows

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While Bitcoin is struggling to stay above the $ 50,000 price level, its basics present a different picture. Hashrate, a leading indicator of the overall health of the Bitcoin network, has seen a strong recovery in the past six months.

Since the May 2021 lows, the BTC hashrate has recovered by more than 93%. The number reached 172 Exahash / s today, in touch distance with the historical maximum of 180 Exahash / s. “Bitcoin hashrate has recovered almost completely, sitting just 4% below the ATH (7-day moving average base). Online hashrate fell by more than 50% in May after China’s ban on BTC mining. Hashrate has since climbed 93%. of the lows, hitting 172 Exahash / s today, “Glassnode. notes.

Earlier this year, China announced a complete ban on crypto mining. Several major crypto mining companies have migrated from the country to other regions including Europe and North America. Due to the greater migration in the digital asset mining industry, the Bitcoin hashrate has fallen dramatically.

But things are normal now. With rising hashrate, the overall profit of leading BTC miners has also increased.

Bitcoin Exchange Inflows

Since May 2021, Bitcoin stock at major digital exchanges has declined. Long-time holders of the world’s most dominant cryptocurrency asset now hold BTC in cold digital wallets. “During the surrender in May, exchanges saw a noticeable and sustained increase in BTC inflows, with periods of 10.4k and 13.9k net BTC deposits. This contrasts with the current moment where recent peak exchange inflows are a fraction of the size, at 2k and 3.2k BTC, “mentioned Glassnode.

“Bitcoin owners are not behaving as in previous moments of weakness, suggesting underlying confidence, and largely confirming weakness has been more heavily influenced by derivative markets rather than spot selling,” the company added in its weekly report.

While Bitcoin is struggling to stay above the $ 50,000 price level, its basics present a different picture. Hashrate, a leading indicator of the overall health of the Bitcoin network, has seen a strong recovery in the past six months.

Since the May 2021 lows, the BTC hashrate has recovered by more than 93%. The number reached 172 Exahash / s today, in touch distance with the historical maximum of 180 Exahash / s. “Bitcoin hashrate has recovered almost completely, sitting just 4% below the ATH (7-day moving average base). Online hashrate fell by more than 50% in May after China’s ban on BTC mining. Hashrate has since climbed 93%. of the lows, hitting 172 Exahash / s today, “Glassnode. notes.

Earlier this year, China announced a complete ban on crypto mining. Several major crypto mining companies have migrated from the country to other regions including Europe and North America. Due to the greater migration in the digital asset mining industry, the Bitcoin hashrate has fallen dramatically.

But things are normal now. With rising hashrate, the overall profit of leading BTC miners has also increased.

Bitcoin Exchange Inflows

Since May 2021, Bitcoin stock at major digital exchanges has declined. Long-time holders of the world’s most dominant cryptocurrency asset now hold BTC in cold digital wallets. “During the surrender in May, exchanges saw a noticeable and sustained increase in BTC inflows, with periods of 10.4k and 13.9k net BTC deposits. This contrasts with the current moment where recent peak exchange inflows are a fraction of the size, at 2k and 3.2k BTC, “mentioned Glassnode.

“Bitcoin owners are not behaving as in previous moments of weakness, suggesting underlying confidence, and largely confirming weakness has been more heavily influenced by derivative markets rather than spot selling,” the company added in its weekly report.



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