blog image
03 Oct, 2022
Bitcoin mining power reaches all-time high in spite of macroeconomic concerns

Despite the total cryptocurrency market capitalization remaining below the coveted $1 trillion mark it had surpassed in early September and the price of Bitcoin (BTC) struggling to reach the $20,000 mark, the miners of the largest crypto seem to remain unconcerned.

As it happens, the mining hash rate of the flagship digital asset reached a new all-time high of 240.208 million TH/s on October 2, based on the 7-day moving average which has recorded a steady increase over the recent weeks, as revealed by the data.

Meanwhile, the BTC hash rate, which represents the computing power utilized to process transactions, began its rise in August when the price of the maiden digital asset showed indications of short-term recovery. That said, the price of Bitcoin has been struggling since, whereas its hash rate continued to climb.

Miners seeing other positive signs?

Curiously, the recent growth in Bitcoin hash rate is defying the historical trends in which it directly correlated with the decentralized finance (DeFi) asset’s price movements – dropping and increasing alongside the ebbs and flows in Bitcoin’s value.