Bitcoin Hashrate Hits New Peak as BTC Price Struggles

Bitcoin’s hashrate has now reached a new all-time high of 971 exahashes per second, according to data provided by CoinWarz.

Smoothing out randomness

It is worth noting that the hashrate used to occasionally spike above 1 zettahash per second earlier this month.

However, such brief spikes are not usually treated as actual record peaks, given that the randomness of block production does not have enough time to smooth out.

The all-time hashrate charts make it possible to smooth out randomness. Thus, some believe that true all-time highs are actually recorded on longer timeframes since they do not trick analysts with mere statistical noise.

Hashrate and price

It is typically believed that Bitcoin hashrate follows the price of the leading cryptocurrency, given that more miners tend to plug in machines when coins become more expensive.

Some also assume that hashrate could actually drive price, but there is no concrete correlation.

Nevertheless, the new hashrate peak bodes well for the fundamentals of the leading network, considering that it shows that the network is gaining more strength.

Meanwhile, Bitcoin is currently struggling price-wise, with the leading cryptocurrency recently dipping below the $111,000 level.

US in the lead

When it comes to the geographical distribution of the global hashrate, the US currently remains in the lead. It accounts for as much as 36% of the network’s computational power.

China, despite the mining ban, paradoxically remains among the biggest mining powers with a 14% share of the global hashrate.

Source