- The price of Bitcoin (BTC) is struggling to remain at $20,000.
- Hash rate defies the direction of Bitcoin’s price.
- Bitcoin has moved above $19,000 and is trading at $20,310.
The price of Bitcoin (BTC) is struggling to remain at $20,000, however, the mining activity appears to be flourishing, with miners’ competition growing. According to the 30-day moving average, Bitcoin’s mining hash rate has increased significantly since September 25 and has reached a new all-time high of 226.633 EH/s.
Hashrate Index Roundup: Hashprice is approaching all-time lows as the bear market claims a new victim.https://t.co/C10lwpmssg
— Hashrate Index (@hashrateindex) September 26, 2022
This condition has led the hash rate of mining Bitcoin to touch a new record high. Since the lows were tape-recorded in the first week of August, the hash rate has gradually increased.
The hash rate, which measures the total processing power used to execute transactions, increased in August as Bitcoin began to show signs of temporary recovery. However, even as Bitcoin’s price struggles, the hash rate has increased dramatically.
Interestingly, the current hash rate estimates differ from historical trends when the indicator is related to Bitcoin price movement. Notably, the hash rate increases when the value of Bitcoin increases and tends to decrease along with the price.
The rising hash rate indicates that Bitcoin will become more challenging to mine and somewhat predicts the asset’s future price movement.
As was previously reported, the miners’ technique of keeping Bitcoin has altered due to the sharp increase in the cryptocurrency‘s hash rate. For reasons, miners tape-recorded a sale rate of over 100% for their Bitcoin in May, switching from the prior strategy of hoarding the gains.
In the interim, according to coinmarketcap.com Bitcoin has risen past $19,000, trading at $20,310, up roughly 7% in the previous 24 hours.
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