Cryptocurrency Market | Bitcoin hashrate rises 20% in a week

Bitcoin hashrate rises 20% in a week

The Bitcoin hashrate is at its all-time high of over 317 EH/s after 20% growth in a week. Meanwhile, the BTC price is at $24,000, up 13% in the last week.

Bitcoin hashrate is up 20%

The Bitcoin hash rate is at its all-time high, having gone up 20% in the last seven days. The hash rate is now at over 317 TH/s, the highest positive adjustment it has seen in the last five years. 

Usually, the Bitcoin hashrate needs to be accurately presented, as one cannot pick it directly from the mining. However, it is an estimate calculated from the mining difficulty and block time. Hence, weekly averages become more accurate.

Bitcoin’s hashrate on Feb. 19 exceeded 320 EH/s, and on Feb. 20 the ATH was around 323 EH/s. After a peak of over 12 and a half minutes in Bitcoin’s block time in late January, it dropped to under 10 min in February due to the hashrate surge.

The weekly average came to under 300 EH/s as January came to a close.

However, it has since risen to an hourly peak on Feb. 16 at 383 EH/s. The weekly averages at the beginning of 2023, the hashrate was below 270 EH/s showing that the current growth has been over 20%. Comparatively, there were about 200 EH/s a year ago.

Crypto mining is becoming more profitable

Crypto mining revenues in December 2022 were too low, and mining companies such as Argo, Core Scientific, Compute North, and Iris Energy even filed for bankruptcy. BTC crossed the $25,000 mark after being below $20,000 in December, raising the revenue at mining firms.

When the BTC price is low, most miners cash in BTC to afford the high electricity expenses. However, as the BTC price rises, such as this time, the miners can increase gains and switch to less powerful machines again or even get more powerful ones for higher gains. 

Bitcoin price is up 13%

Bitcoin has kept rising and has gained traction above the $25,000 mark. After a high of $25,126.85 earlier today, it dropped to $24,588 at the time of writing, up 13% in the last week. This high took the crypto to the strongest point experienced from June 13, 2022. 

Bitcoin hashrate rises 20% in a week - 1
Bitcoin chart. Source: Coinmarketcap

Generally, prices dropped as bulls struggled to break above the $25,200 mark. In addition, the relative strength index (RSI) has still been unable to cross the 66.00 mark and is currently tracking at 63.29.

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