Bitcoin’s hashrate continues its recent rally, hitting dramatic new highs. The top digital asset by market capitalization is experiencing a major bull market, bringing positive sentiment. This has led to more miners connecting to the Bitcoin network, hitting a record high of 400 EH/s in the last 48 hours.
Bitcoin hashrate reaches all-time high
Bitcoin hashrate has been steadily increasing since the beginning of the year. Earlier in the week, the network added 40 EH/s hashrate and peaked at 350 EH/s. However, just hours after the mining difficulty was adjusted on March 23, hashrate soared to astronomical levels. Between March 23rd and March 24th, Bitcoin hashrate hit a high of 400 EH/s, according to data from. Menpool.
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This development shows two things. The increased security of the network and miners’ confidence in Bitcoin’s long-term profitability. An integral part of the network since its inception, miners continue to gain support for the major coins due to recent rallies.
![Bitcoin Hashrate Has Steady Rise Over the Last 3 Months](https://bitcoinist.com/wp-content/uploads/2023/03/Screenshot_51-640x252.png)
Furthermore, Bitcoin mining difficulty has reached an all-time high, currently reaching 46.84T. This represents he 7.5% increase from the previous level and correlates with the gradual increase in hashrate during this period.
Why hashrate is rising
The increase in hashrate difficulty is largely due to the rising price of BTC, which has attracted miners to the Bitcoin network. BTC has increased by more than 50% in 2023 and earlier in the week he peaked at $28,000.
This price jump has prompted miners to connect their mining equipment to the network. It should be noted that several miners have left the Bitcoin he network after the prolonged bear market of 2022.
Mining profitability has increased as the market has recovered, but it is still far from ideal. Nevertheless, it suggests that miners are returning to profit from the network. One of the key indicators of this is the 20% increase in hash prices over the past week.
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Hash price is a measure of the average price mining equipment makes on the Bitcoin network each day. According to data from , the hash price is currently around $0.077/TH/day. hash rate indexThe increase in mining difficulty could lead to a decrease in the coming days as competition for mining rewards on the Bitcoin network increases.
Hash rates continue to rise as more power is available from miners’ computing machines. It helps strengthen the Bitcoin network and is an all-around win for assets.
bitcoin price
At the time of writing, Bitcoin is undergoing a market correction and is trading at NT$27,455. Current market perception is that it is in a bullish market and Bitcoin could hit $30,000 in the coming weeks.
![BTC Down 1% On Candlestick Chart | Source: BTCUSD on TradingView](https://bitcoinist.com/wp-content/uploads/2023/03/BTCUSD_2023-03-25_13-27-28-640x350.png)
Note: Content is educational and should not be considered investment advice. Featured image on Unsplash, Mempool chart, Trading View.