Bitcoin Hashrate Hits New All-Time High: Glassnode

8 April 2021 | Updated: 8 April 2021

New data from Glassnode, an on-chain analytics provider, revealed that Bitcoin’s average hash rate has crossed a daily average of 178 exahashes per second, a new all-time high. The benchmark cryptocurrency’s hash rate has been on a steady ascent since February, where it cleared the 150 EH/s round figure twice.

Hashrate is generally regarded as a “computing horsepower” for cryptocurrencies, including Bitcoin (BTC), and a high hashrate is indicative of effective security in a cryptocurrency network.

The positive on-chain metric was discovered by data scientist Rafael Schultze-Kraft, who noted that BTC mining difficulty has also peaked at a new ATH.

The data scientist revealed that Bitcoin miners have been raking in $50 million, on average, per day for the past month. He added that just a year ago, this figure was around $12 million, meaning that current mining earning has grown by four times despite the recent reward halving in May 2020.

According to Glassnode, miners are no longer selling their new coins and are holding their assets as the net position is green again.

Schultze-Kraft added that:

“In fact, the Bitcoin unspent supply (BTC that has never left the original mining addresses) has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”

Key BTC Levels to Watch — April 8
Bitcoin continues to struggle to muster any meaningful bullish momentum as bears dominate the market. Following a rejection from the $59k resistance, the benchmark cryptocurrency fell into a bearish spiral and broke beneath the crucial $56,700 support.

BTCUSD – Hourly Chart

The recent selloff saw the Bitcoin fall to the $55,450 low, where some dip buyers came onboard and sent the price above the $56,700 level. The primary cryptocurrency needs to break back into the $58k pivot zone over the coming hours or risk correcting lower.

Meanwhile, our resistance levels are at $57,000, $58,000, and $59,000, and our key support levels are at $56,000, $55,500, and $55,000.

Total Market Capitalization: $1.92 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 55.3%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.