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Bitcoin hash rate almost at record high - bullrun is imminent?



The Bitcoin hash rate has recovered very strongly in the last few months and is currently almost back at an all-time high. In the spring, after the mining ban in China, it had fallen sharply. Can the very good recovery of the hash rate be a harbinger of a bull run coming soon?

Bitcoin hash rate back to almost all-time high

The Bitcoin Hash Rate is an estimate of the hash (computing) power currently used in the Bitcoin network. It is an important performance factor for the Bitcoin network. A high hash rate increases the security and stability of the network against external attacks. It is given in exahashes per second (EH / s).

The exact hashrate in the network can hardly be determined. However, we can make very accurate estimates. According to blockchain.com, the hash rate has currently reached over 180 EH / s and is almost back to its all-time high. This was achieved in mid-May of this year.

Bitcoin Hash Rate crashed in May

The Bitcoin hash rate experienced an extreme crash in May 2021 due to the extensive ban on Bitcoin mining in China. This crash was also accompanied by a violent price crash. The hash rate fell below 85 EH / s in early July. In the last few months, this has continuously recovered and is now reaching peak values ​​again.

The recovery of the Bitcoin hash rate goes back to the emigration of Bitcoin miners to other countries. Up to 70% of all large mining farms are said to have been in China before the ban. Now the miners did not break up but continued mining in other countries. Popular “emigration destinations” were the USA, Canada and the Chinese neighboring country Kazakhstan.

Positive sign for the upcoming bullrun?

The Bitcoin Hash Rate is a very fundamental factor for the medium to the long-term price development of Bitcoin. In the last few weeks, the cryptocurrency has mostly only gone down. Many analysts now expect a bull run in the next few weeks.

The almost all-time high in the Bitcoin hash rate can be seen as a bullish sign. Since historical price developments point to a bull run either this year or in the first quarter of 2022, it could be a clear sign for the bulls. To do this, however, the uncertainty in the market has to subside again after the many price crashes recently.

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