Sarah Tran
Independent Analyst
- Bitcoin mining hashrate has marked a new all-time high over the new year’s weekend.
- This marks a significant milestone for the network as it is now more secure than ever before.
- The leading cryptocurrency has just celebrated the 13th anniversary of its Genesis Block.
The Bitcoin mining hashrate reached an all-time high over the weekend, just ahead of the 13th anniversary of the creation of the world’s largest cryptocurrency by market capitalization. BTC was launched by pseudonymous creator Satoshi Nakamoto on January 3, 2009.
Bitcoin network marks significant milestone
Bitcoin is now more secure than ever before given that the blockchain network’s hashrate has reached an all-time high at 209.97 exahashes per second on January 2.
BTC hashrate
The hashrate is an indicator of the total combined computational power used to mine and process transactions by miners to compete against each other to win the rights to validate the next block in the Bitcoin blockchain.
A higher hashrate means that the network is more secure as further computing power to successfully attack the blockchain is required. The higher value also indicates that the network performs faster and that many more miners are connected to the blockchain, leading to higher decentralization of the cryptocurrency.
The new record high hashrate has marked a significant milestone as it represents a remarkable recovery after China’s crackdown on cryptocurrency mining in June last year, which witnessed the Bitcoin hashrate slide to around 61 exahashes per second. Since then, the BTC hashrate has been in a constant uptrend, as it increased by nearly 200% since July 2021.
Following the crackdown in China, major Bitcoin mining operators relocated to other crypto mining-friendly jurisdictions, including the United States and Kazakhstan.
The significant milestone reached by the bellwether cryptocurrency came just ahead of the 13th anniversary of Bitcoin’s Genesis Block Day. BTC was created by Satoshi Nakamoto and generated its block zero, the Genesis Block on January 3, 2009.
Bitcoin price to kickstart recovery as hashrate increases
Analysts believe that high hashrate values are considered bullish in the Bitcoin market. BTC price is testing the lower boundary of the ascending triangle pattern as support at $46,101 on the 3-day chart.
The prevailing chart pattern suggests an optimistic forecast for Bitcoin price, but the leading cryptocurrency will face resistance at the 100 three-day Simple Moving Average (SMA) at $48,777, coinciding with the 50% retracement level.
BTC/USDT 3-day chart
Additional obstacles will appear at the 50 three-day SMA at $52,719, then at the 21 three-day SMA at $53,476, which intersects with the 61.8% Fibonacci retracement level.
Bitcoin price will discover support at the 38.2% Fibonacci retracement level at $44,078 if selling pressure increases.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.