Bitcoin Hashrate Hits a New Record of 321.15 EH/s

Bitcoin is the king of cryptocurrencies. It paved the way for the crypto empire that includes thousands of cryptos. Even Bitcoin been hit by the bear market slump, one aspect of BTC seems to be on the rise. It’s definitely not the price, but the hashrate.

Bitcoin hashrate refers to how much processing and computing power mining contributes to the network. Bitcoin’s hashrate was 224.48 EH/s on October 3. Yesterday it rose to 266.9 EH/s before falling to 244.3 EH/s. On Wednesday, however, it recovered and reached a new record.

According to statistics from CoinWarzat block 757.214 On 05 Oct 2022, Bitcoin’s hashrate showed an ATH value of 321.15 EH/s. At the time of publication, the statistic reading had decreased to 297.27 EH/s.

How does the hashrate affect the Bitcoin price?

Increasing hashrate increases the difficulty of mining and at the same time puts pressure on the profitability of miners. Computing power, mining profitability, and network difficulties are some of the major determinants of Bitcoin’s price.

The value of the network increases as the computing power of the Bitcoin network increases. However, this will cause miners to see their profitability drop. If it continues to rise, the miners will likely shift their focus to other profitable coins.

Bitcoin

At the time of writing, BTC is trading at $20,205, having gained 1.18% in the last 24 hours. BTC is currently trading 70% lower than its all-time high of $68,789. But to see a big price move, the bear market has to come to an end.

BTC has performed differently than price increases. The capacity of the Bitcoin lightning network is steadily rising. It crossed the 4900 BTC threshold on September 29. Recent data indicates that the capacity of the tier 2 payment solution has now passed the 5000 BTC threshold.