Bitcoin Mining Hash Rate Soars as BTC Nears US$60,000 Again

As the leading cryptocurrency, Bitcoin (BTC), is staging a comeback to the US$60,000 price level, its network hash rate just reached another all-time high.

This indicates that more mining machines have been deployed on the BTC network. What’s more interesting to note is that most miners are seemingly not selling off their coins at the moment. Hence, there may not be a significant increase in the number of BTC deposited to exchanges, even with the spike in hash rate.

Bitcoin Hash Rate Sets New All-Time High at 165.99M TH/s

According to the data from Bitcoin explorer Blockchain.com, the network hash rate reached another major high of 165.992 Million Tera Hash per second (TH/s). Hash rate is basically the measuring unit of the processing power of the Bitcoin network. So, an increase in hash rate denotes that there are more miners processing transactions on the BTC blockchain.

The development today is not so surprising, given that the BTC mining industry has been growing rapidly. In recent months, many companies purchased more advanced mining machines to increase their processing power. This somewhat coincides with the growth in the market price of Bitcoin. Some companies tend to increase their mining hash rate when there are massive increases in Bitcoin price.

Meanwhile, a spike in the BTC hash rate is usually followed by an increase in mining difficulty to offset the number of resources required to mine Bitcoin.

Bitcoin Price Update

Bitcoin was trading at US$57,750 at the time of writing. The cryptocurrency reached as high as US$58,200 on Monday. From a circulating supply of 18.6 million BTC, the crypto’s market capitalization sits around US$1.078 billion.

Overall, the crypto market has increased by 2.57 percent over the last 24 hours, possibly due to the mild increase in BTC.