The choppy market has caused severe headwinds for Bitcoin miners as the hash rate reaches new record highs. The rise comes ahead of the much anticipated halving event slated for next spring that is expected to catalyze the largest crypto asset’s price action.
Recent data suggested that Bitcoin’s hash rate has increased by nearly 661% in the last two years. According to CryptoQuant CEO Ki Young Ju, such a feat demonstrates that the “network fundamentals are the strongest ever.”
#Bitcoin‘s network fundamentals are the strongest ever, with a 661% increase in hash rate in two years.https://t.co/IwcFXPKOjH pic.twitter.com/rczHpmZ9lC
— Ki Young Ju (@ki_young_ju) July 19, 2023
The hash rate can be referred to as the computational power used to mine a cryptocurrency. The upcoming halving event will slash the miners’ rewards by half.
The rising hash rate comes the backdrop of an all-time mining difficulty of the network, which currently stands near 54 trillion.
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