Bitcoin hashrate at record highs as miners race for remaining 10% supply

90% of Bitcoin’s total supply, 18.89 million BTC, has been mined. Thousands of new miners are competing for the remaining 10% of Bitcoin’s supply as the hashrate explodes to hit a new all-time high. 

Bitcoin supply shock becomes imminent as 90% of supply has been mined

Data from Clark Moody Bitcoin dashboard indicates that 90% of Bitcoin’s total supply, capped at 21 million, has been mined over the past 12 years. This implies that only 10% is now available for mining, and based on Bitcoin halving schedules; the last BTC token would be mined in 2140. 

Proponents note that thousands of new miners have joined the race to mine Bitcoin, sending the hashrate to a new all-time high. Historically, a spike in Bitcoin hashrate is considered an indicator of an upcoming price rally. 

Bitcoin hashrate hit an all-time high at 194 exahash per second. The hashrate has now dropped to 177.64 Eh/s.  

Several mining operations ordered mining rigs in the last quarter of 2020 and early 2021. Deliveries were expected to be complete by the end of 2021 or early 2022. Therefore, proponents expect thousands of new mining devices to be connected to the network. 

A fraction of the next-generation mining rigs is likely online now dedicating SHA256 hashrate to the network, contributing to the spike in hashrate. 

A Bitcoin supply shock is brewing, driving the asset’s price higher. Mark Cullen, a cryptocurrency analyst, has predicted that Bitcoin price is likely to climb to the $50,000 level after the accumulation phase is over. 

FXStreet analysts have evaluated the Bitcoin price trend and predicted that the asset could drop to $33,000.