Bitcoin Hashrate Surges to Record High, Bullish Sign for Long-Term Price Momentum
CryptoNewsTerminal Staff01 Sep, 2024
Bitcoin Hashrate Surges to Record High, Bullish Sign for Long-Term Price Momentum
On-chain analytics firm Glassnode reports that the Bitcoin (BTC) network hashrate has hit a new all-time high of 650 EH/s. Historically, hashrate has had a strong correlation with Bitcoin's price, and this increase suggests that miners are seeing healthy levels of profitability. Despite the ongoing market volatility, the continuous hashrate increase is a positive sign for BTC's long-term bullish momentum. As miners invest in new equipment and infrastructure, they are betting on the future value of Bitcoin. The increased hashrate also makes the network more secure, as it becomes more difficult for malicious actors to manipulate the blockchain. Overall, the record-high hashrate is a bullish sign for Bitcoin's long-term prospects. It suggests that miners are confident in the future of the network and are investing accordingly.
