Bitcoin Mining Hash Rate Reaches Record High as Miners Return Online Amid Bullish Sentiment

Zionodes
2 min readMar 31, 2023

Weekly Update

The Global Crypto Market Cap is down by 1.49% to $1.17T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 17.71% to $43.30B.

DeFi’s total 24-hour volume is $4.39B, or 10.13% of the overall Crypto Market volume. All Stablecoin volume is currently $38.49B, or 88.88% of the 24-hour volume of the whole Crypto Market.

The price of Bitcoin was trading at $27,782.56 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 46.04%, a decrease of 0.60% from the previous day. In the last 24 hours, the price of ETH decreased by 0.65% to $1,787.21, while the price of BNB went up by 0.46% to $314.64.

As we move forward, there is a growing sentiment that Bitcoin may have hit its bottom in November 2022, marking the end of the crypto winter cycle. Many are now eagerly anticipating a potential long-term rally, with the possibility of Bitcoin surging to reach new heights and break its previous record.

Bitcoin Hash Rate Spikes as Miners Return Online

Bitcoin’s hash rate peaked at a record-breaking 398 terahashes per second (TH/s) on March 23, leading analysts to speculate that miners are powering up their rigs in response to the increasing price of BTC. The hash rate is a metric that reflects the total computing power that miners contribute to the Bitcoin blockchain.

On March 31, 2023, the Bitcoin network hash rate fell to 349.6TH/s, representing a 12.11% decline from its March 23, 2023 peak, as observed in data available on Blockchain.com.

The upward trend in the mining hashrate indicates that more miners are joining the BTC network to validate transactions, likely due to the blockchain’s growing appeal. The graph below demonstrates a steady rise in Bitcoin’s mining hashrate over the past few weeks.

(Source: https://www.blockchain.com/explorer/charts/hash-rate)

What’s Next?

With miners returning and new ones joining with convenient options like remote mining, and with the rise of green mining, Bitcoin mining has once again demonstrated its potential as one of the most secure long-term investments in the crypto space.

Despite the changes and challenges that Bitcoin has faced over the past year and a half, the resurgence of bullish sentiment among investors suggests that we may see another rally in the near future. As Bitcoin continues to weather the ongoing global recession and bear market, the future looks promising for this revolutionary digital asset.

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