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
“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