While panic dominates the crypto markets, there is also some positive news. The Bitcoin network (BTC) has set a new hashrate record, according to data from Blockchain. This milestone is a strong signal that more miners are active. The big question is: Do the miners know something we don’t yet know?
How does the hashrate work?
The hashrate is the total computing power of all miners in the Bitcoin network. It indicates how many calculations are performed per second to find new blocks. The higher the computing power, the more miners are active to verify transactions – and the more secure and stable the network is.
A record during the price dip
It is worth noting that there was also a sharp drop in the hashrate in February. At that time, the BTC price plummeted from a local high of around $92,500 to a low of around $77,000. No wonder: Miners are heavily dependent on price developments, as they generate their income through transaction fees and block rewards – which are paid out in BTC. If the price drops, mining suddenly becomes significantly less profitable.
But something unexpected happened: Contrary to expectations that many miners would throw in the towel after the price drop, the opposite happened in the following weeks. In March, the network’s computing power skyrocketed – and a new all-time high (ATH) has now been reached.
This suggests that many miners are preparing for a potential market recovery. Despite the ongoing sideways movement and the negative sentiment surrounding Trump‘s import tariffs, they continue to expand their infrastructure. This speaks volumes. It’s a clear sign that they have long-term confidence – and believe in a strong future for the world’s largest cryptocurrency.
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