BTC network hash rate reaches new high

06 Jan 2021

Bitcoin’s network hash power is at a record high as the spot price is set to surpass the $36,000 mark for the first time.

As per data from blockchain.com, the estimated seven-day average Bitcoin hash rate now stands at around 148 exahashes per second. 

This reading represents the computing power used by miners to secure the network every second, Cointelegraph reports.

According to on-chain analytics data provider Glassnode, Bitcoin recorded its biggest average monthly hash rate of 136 exahashes per second in December.

The present hash rate growth is in line with the trend reported at the beginning of November last year, coinciding with the start of the current bullish action in Bitcoin’s spot price.

At that time, the network was coming back from a major slump in the hash rate. Before the drop, the Bitcoin hash rate stood at its previous seven-day average of around 146 exahashes per second, as per figures from blockchain.com.

Should the current upward hash rate trajectory continue, the network will subsequently be due an upward difficulty adjustment over 10% at the upcoming retargeting epoch scheduled for Saturday, the Cointelegraph report goes on to add.

As well as the increase in hash rate, other Bitcoin fundamentals are also on the up. Metrics including network usage and activity are also increasing. The number of active Bitcoin addresses is nearing its record high of around 1.19 million, registered during the bull run in December 2017, according to Coin Metrics.

In addition, Bitcoin’s sharp price rise continues. The largest cryptocurrency by market capitalisation hit a new all-time high over $35,000 before registering a slight pullback.