The power of the Bitcoin network has reached record highs, a guarantee for long-term trading strategies on BTC
With the term hashrate means the unit of measurement capable of calculating the power of the Bitcoin network. This is not a precise calculation but an estimate and it is therefore obvious that different estimates may also arise from different sources. Despite the various nuances that may exist between the various calculations, everyone agrees that in recent days the power of the network has reached its maximum.
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The record was hit at a very particular moment in the Bitcoin price trend. As can be seen from the graph below, the Bitcoin quote seems to have “withered” in the past few weeks.
After reaching new record highs between November and December, the price of BTC quickly moved away from its ATH, settling in the $ 50,000 area. Well while this price retracement was taking place, the Bitcoin hashrate climbed to the highest levels.
It was a very significant event that, considering also the current discount prices, can be ridden for set up long-term strategies on BTC. The eToro broker allows you to do long-term trading on Bitcoin thanks to a series of advanced tools such as Copy Trading thanks to which it is possible to copy the moves of the best Bitcoin traders.
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Bitcoin hashrate: the maximum recorded value
Before the peak reached in recent days, the all-time high of the Bitcoin hashrate had been recorded last May. Subsequently, however, with the tightening launched by the Chinese government on all mining activities, the power of the network marked a real collapse. However, in May a Bitcoin token was trading at around 57 thousand dollars while thehashrate, was calculated as 180 Eh / s on a daily basis with a peak of 190 Et / s on an hourly basis.
The same figures were indicated between 6 and 8 December; above 180 Eh / s, with peaks that again exceeded 190. In reality, according to some experts, the power of the network would have even exceeded the levels reported by many sources and therefore, just as the price of Bitcoin is in the phase of settling around 50 thousand dollars, the network power would have reached the highest value ever.
The peak in numbers
Among those who believe that the hashrate has reached new records, there are the experts of CoinWarz, according to which the maximum peak on an hourly basis would have arrived even at 215 Eh / s, far from the 191 Eh / s of the month of May. It should be noted that the previous hourly record dates back to April, when the network had reached a peak of 198.
Second Ychartsotherwise the peak would have stopped at 191; always higher than the 190.5 Eh / s of 9 May, but less than the 198 of mid-April. Coin.dance evaluates the weekly averages, and brings the average of this week of December to 182 Eh / s; in May it was 178 Eh / s.
So not all sources agree on record data for what concerns the network power but everyone agrees that in the last days the hashrate has flown.
High power and low prices
As we have already anticipated, what is surprising is that in this period the increase in power does not correspond to an increase in prices. Bitcoin these days has never exceeded $ 52,000 per token, remaining on an average of 49 thousand dollars. Compared to the 57 thousand at the beginning of May, it is a price less than 14 percent.
Why what can explain this increase in network power? One possible cause of the rally is the displacement of Chinese miners; in July the Chinese hashrate had disappeared, but now the growth has started again from that sector. On the other hand, it is necessary to take that into consideration the increase in power is slow, more than the volatility. So there is a delay between the price increase and the hashrate.
This dynamic can support long-term operational strategies on the value of Bitcoin. The eToro broker allows you to define these strategies starting from the free demo account (here the official website).
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