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Bitcoin Halving: BTC Hashrate Touches New All Time High Amidst Coronavirus & Widespread Fear In Financial Markets

Bitcoin hashrate has touched a new ATH with less than a few days left until the much-awaited BTC halving.

As per data provided by Glassnode, an on-chain market analytics firm, BTC’s hashrate surged over one hundred and forty exa hashes/second. With ATH levels of BTC hashrate, the Bitcoin blockchain network stands the solidest in the entire history.

Bitcoin’s price witnessed a piercing decay in the month of March. This in turn, led to numerous small-scale miners halting their operations because of truncated profitability. As a consequence, the blockchain’s hashrate recorded an unparalleled forty four percent plunge.

Nevertheless, the low hashrate did not last for long. As BTC price recovered, the digital asset’s hashrate also amplified. Notably, the price of Bitcoin touched a multi-month top of approximately nine thousand five hundred USD on the last day of the previous month.

Amid several speculations, the primary reason behind the rising hashrate seems to be the hoarding of Bitcoins by miners prior to the halving. This is because, the halving event would decrease the mining profitability by half.

What do you think about the impact of Bitcoin Halving on Bitcoin prices? Let us know in the comments below!

Image by Vadim Taranov from Pixabay