After growing by 20% in just one week, the Bitcoin hashrate has reached a record high of around 317 EH/s. The price of Bitcoin is currently $24,000, up 13% in the last week.
With a 20% increase over the previous week, the Bitcoin hash rate is now at an all-time high. The hash rate has increased to above 317 TH/s, which is the biggest upward movement it has had in the last five years.
The #Bitcoin hash rate is at an all-time high of over 317 TH/s.
— James V. Straten (@jimmyvs24) February 21, 2023
The hash rate has been up 20% in the past 7 days; this is the fifth-highest positive adjustment in the past 5 years. pic.twitter.com/3LlJvVDxMR
The Bitcoin hashrate often has to be stated appropriately because it cannot be determined straight from mining. Nevertheless, it is only an approximation based on the block time and mining difficulty. As a result, weekly averages are more precise.
On February 19, Bitcoin's hashrate topped 320 EH/s, and on February 20, the ATH reached close to 323 EH/s. The spike in hashrate caused Bitcoin's block time to fall from a peak of over 12 and a half minutes in late January to under 10 minutes in February.
As January came to an end, the weekly average was below 300 EH/s.
But since then, it has climbed, reaching an hourly peak on February 16 at 383 EH/s. Beginning in 2023, the hashrate was below 270 EH/s on a weekly average, indicating that the rise since then has over 20%. In contrast, 200 EH/s were present a year ago.
Due to insufficient cryptocurrency mining income in December 2022, mining firms including Argo, Core Scientific, Compute North, and Iris Energy even declared bankruptcy. After falling below $20,000 in December, Bitcoin reached the $25,000 milestone, increasing mining companies' profits.
Most miners sell their Bitcoin when the price is low in order to pay their exorbitant power costs. But when the price of BTC increases, as it is at the moment, miners can boost profits and switch back to less powerful computers or even purchase more powerful ones for bigger profits.
Prices generally decreased as bulls failed to break over the $25,200 level. Moreover, the relative strength index (RSI), which is now tracking at 63.29, has yet to pass the 66.00 threshold.
