Bitcoin hashrate remains strong during monsoon season

Bitcoin hashrate remains strong during monsoon season


The Bitcoin network hash rate has remained strong and been largely unaffected by the rainy season and power outages in China, according to a Sept. 10 report by Stack Funds.

Coin Metrics data supports the assertion, and the 7-day average Bitcoin (BTC) hash rate has remained above 120 Terahashes (TH/s) since mid-August despite mines at risk of floods and power outages in China. Glassnode data also shows the hashrate hit an all-time high on Sept. 8, breaking the 150 TH/s barrier for the first time in Bitcoin’s history.

Bitcoin 7-day average hash rate. Source: Coin Metrics

Trending: Joe Biden Attempts to Demonstrate His Reading and Math Skills at Michigan Rally

“Hash rates remained strong and could continue upward after the rainy season,” the Stack Funds report concluded. 

“Moving forward, should price stabilize above $10,500 […] a bullish continuation can be expected.”

Hashrate is a key indicator of the health and security of the Bitcoin network. China dominates roughly 65% of mining worldwide and the excess rainfall during the rainy season can

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!