Bitcoin’s hashrate has surged back to the record levels observed just prior to the fourth reward halving event. The seven-day simple moving average indicates that the network’s hashrate reached an unprecedented 657 exahash per second (EH/s) this week.
Bitcoin’s hashrate, as measured by the seven-day SMA, hit a low of 582 EH/s on May 8, following a significant decline after the halving. However, on May 25, 2024, the hashrate climbed to an all-time high of 657 EH/s. The current seven-day SMA shows the hashrate at 652 EH/s. The hashprice, which represents the daily expected value of 1 petahash per second (PH/s) of hashrate, has also increased to slightly over $53 per petahash.
This is a noteworthy improvement from the hashprice of under $45 per petahash at the beginning of May. Despite fluctuations over the past 28 days, the hashprice has risen by 20.45% in May. Moreover, the more volatile three-day SMA saw the hashrate peak at an ATH of 691 EH/s.
The recent rebound in Bitcoin’s hashrate and hashprice highlights the network’s strength and growth potential, indicating increased mining activity and stakeholder confidence. The achievement of new heights in hashrate suggests a robust infrastructure capable of maintaining the network’s security and efficiency, hinting at a positive future outlook for BTC amidst fluctuating market dynamics.
What are your thoughts on the hashrate reaching new peaks? Feel free to share your opinions and views on this matter in the comments section below.
