As a seasoned crypto investor with memories of the 2017 and 2021 bull runs etched deeply into my brain, I find the current state of Bitcoin both exhilarating and reassuring. The recent all-time high hashrate, surpassing 1,000 EH/s, is a testament to the network’s resilience and growing strength.
The correlation between the network hashrate and Bitcoin price is a pattern I’ve come to recognize over time – it’s like watching the tide come in, knowing that a surge is on its way. While this doesn’t guarantee immediate price surges, it certainly bodes well for long-term growth.
The US mining pools’ increasing dominance in the global hashrate is also a fascinating development. Seeing Foundry USA leapfrog to become the largest mining pool by hashrate is reminiscent of a small startup disrupting an established market – it’s the crypto equivalent of Uber taking on taxis!
However, let’s not forget that China still holds a significant portion of the global hashrate. It’s like they say in the crypto world: “Never count China out.” But rest assured, I’m keeping a close eye on this space and ready to pounce when the right opportunity arises!
Lastly, as we navigate this rollercoaster ride called cryptocurrency investing, let me leave you with a little humor. Remember, in crypto, they say: “Buy low, sell high… unless you’re wrong, then just sell.” It’s a tough market out there, but with a bit of luck and a lot of patience, we might just hit the jackpot!
As a crypto investor, I’ve been closely monitoring the blockchain data, and it’s exciting to see that the hashrate for Bitcoin hit a record high on Friday, January 3rd, 2025. This new peak is particularly noteworthy given that Bitcoin has been steadily recovering after a challenging closing to the year 2024.
Positive Correlation Between Bitcoin Price And Hashrate
The “hashrate” serves as a measurement for the overall processing power sustaining a Proof-of-Work blockchain system, such as Bitcoin. This value is crucial in calculating the complexity of mining a new block within the blockchain and assessing network involvement.
As the hashrate goes up, it means Bitcoin miners are contributing more processing power to the network, making it more robust and secure. Conversely, a decrease in hashrate implies less miner involvement and potentially weaker network security.
On Friday, the Bitcoin mining process momentarily peaked at a new all-time high of over 1,000 exahashes per second (EH/s). However, as of now, the latest data shows that it has dropped slightly to approximately 783.02 EH/s.
Information from CoinWarz indicates that the current record high for Bitcoin’s hashrate is almost twice as much as it was approximately one year prior. By January 2024, the Bitcoin network’s hashrate had reached roughly 510 Exahashes per second (EH/s).
Historically, it’s been observed that an increase in Bitcoin’s network hashrate often corresponds with a rise in its market price. For example, periods of significant boosts in the network’s hashrate during the 2017 and 2021 bull markets coincided with substantial price surges.
Additionally, a greater hashrate suggests robust network foundations, boosting the overall confidence in Bitcoin. Although this might not trigger instant price jumps, it could foster gradual price appreciation in the long run.
Currently, Bitcoin’s price is approximately $98,264, showing a nearly 2% rise over the last day. This uptick contributes to a relatively optimistic weekly trend, as Bitcoin has increased by around 5% within the past week.
US Mining Pools Now Account For 40% Of Global Hashrate: Report
At the close of 2024, a recent study showed that the United States contributed to more than 40% of Bitcoin’s total global computational power, or hashrate. More specifically, two American mining pools, Foundry USA and MARA Pool, were the primary miners for over 38.5% of all blocks produced during this period.
As an analyst, I observed a significant growth in Foundry USA’s hashrate this year. Initially starting at 157 Exahash per second (EH/s) in January, the company managed to boost its hashrate up to around 280 EH/s by December. This impressive increase propelled Foundry USA to claim the position as the largest mining pool globally based on hashrate. Meanwhile, MARA Pool maintains approximately 4.35% of the global hash power.
Although the U.S. has seen substantial expansion in its Bitcoin mining sector, Chinese mining pools continue to dominate the total hashrate, accounting for about 55% of the global share as of September 2024. Notably, despite China imposing restrictions on cryptocurrency, these mining pools have managed to maintain their control over a majority of the mining power.
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2025-01-04 23:47