- Bitcoin hashrate has declined to 133M TH/s
- This comes just when the cryptocurrency is showing off bullish strength in price.
Earlier in October, the Bitcoin hashrate reached an all-time high (ATH) when the cryptocurrency traded a little above the $11,000 price level. Today, network hashrate has shaded a relatively huge point, just when the cryptocurrency posts a bullish price. Could it be that the hashrate declines per a significant increase in the cryptocurrency’s price? Or is that just a coincidence?
Bitcoin hashrate ATH
Precisely on October 14, the Bitcoin network reached an all-time high in hashrate at 144 exahashes per second (EH/s), as Cryptopolitan reported, citing data from CoinMetrics. At the time, the cryptocurrency price was flaunting around $11,000. Noteworthily, Bitcoin has been gradually rising after the third halving event, followed by an early hashrate drop to 90.2M EH/s. The increase was then attributed to the deployment of new generation mining equipment.
However, data from Bitcoin blockchain explorer, Blockchain.com, signals a significant drop in Bitcoin hashrate. As of October 25, the network hashrate declined to as low as 133.348M TH/s. Compared to the all-time high, the current Bitcoin hashrate represents about 11M TH/s decline in less than two weeks. An increase in the network’s hashrate indicates that miners are active. So, the drop today could mean less competition and that some miners are becoming inactive.
Bitcoin price surges as hashrate drops
Following the chart from Blockchain.com, the Bitcoin network’s hashrate began dropping just when the cryptocurrency price started to show off strength. A few days ago, the Bitcoin price reached a yearly high of over $13,000. At the moment, the largest cryptocurrency by market capitalization is trading at $13,099 on Coinmarketcap, a crypto price tracking platform. It sees a 24hrs price change of -1.46 percent.
Bitcoin has a 24hrs trading volume of more than $22 billion and a market capitalization of $242 billion.