On-chain data shows the Bitcoin mining hashrate has continued its recent uptrend and has reached a new all-time high.
Bitcoin 7-Day Average Mining Hashrate Has Just Set A New All-Time High
The “mining hashrate” refers to a metric that keeps track of the total computing power the miners have connected to the Bitcoin blockchain.
This indicator can correlate with the network’s security, as this combined computing power controls and manages the chain. If a malicious attacker intends to take over the network, they would have to gain control over most of the online mining rigs.
Thus, the more computing power connected to the network, the harder it is to perform such a 51% hack, so the tighter the security of Bitcoin. This is only, of course, given that the hashrate is sufficiently decentralized.
Besides this correlation with the security, the mining hashrate’s value can also tell us about the sentiment around the cryptocurrency among the chain validators.
When the value of this indic
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