As BTC price gets close to $36K, Bitcoin network hash rate hits new high
The Bitcoin network hash power is at an all-time high as the spot price looks to breach the $36,000 price mark for the first time.
The Bitcoin (BTC) price is not the only metric seeing record numbers as the network hash rate has set a new all-time high.
According to data from Blockchain.com, the estimated seven-day average Bitcoin hash rate is now at about 148 exahashes per second, or EH/s. This figure represents the amount of computing power expended by miners to secure the network every second.
Tweeting on Jan. 1, on-chain analytics data provider Glassnode revealed that Bitcoin recorded its largest average monthly hash rate of 136 EH/s in Dec. 2020.
ATH: December’s hash rate (136 exahash / s) was the highest in #Bitcoin‘s history so far
Chart: https://t.co/M6ZrAkKGRh pic.twitter.com/QOn5CRtWAR
— glassnode (@glassnode) January 1, 2021
The current hash rate growth is in keeping with the trend observed since the start of Nov. 2020 which coincides with the beginning of the current bullish advance in the BTC spot price.
At the time, the network was recovering from a major hash rate slump occasioned by the seasonal migration of Chinese miners at the end of the Sichuan rainy season. Before the decline, the Bitcoin hash rate was at its previous seven-day average ATH of about 146 EH/s according to figures from Blockchain.com.
If the current upward hash rate trajectory persists then the network will be due for an upward difficulty adjustment above 10% at the next retargeting epoch which should happen on Saturday.
The hash rate spike is only one example of the continuous improvements in Bitcoin fundamentals. Other metrics like network usage and activity are also on the rise. According to Coin Metrics, the number of active Bitcoin addresses is approaching its all-time high of about 1.19 million achieved back in the Dec. 2017 bull run.
BTC is also continuing its steep price climb since breaching the $10,000 price mark in early October. The largest crypto by market capitalization briefly set a new ATH above $35,000 before seeing a slight pullback.
