Bitcoin’s hash rate spikes by 700% since BTC’s bullish trend in late 2017.
According to data provided on Blockchain.com, Bitcoin’s 7-day average hash rate is oscillating around 98,000,000 TH/s representing a seven times growth for the hashing power compared to Bitcoin’s bullish trend period in December 2017. Bitcoin’s hash rate is a measure of the power needed to mine Bitcoin blocks and keep the blockchain functional.
Bitcoin’s hashrate is over 7 times larger than it was during the peak of the bull run when price was at an all-time high in 2017. 🔥
— Rhythm (@Rhythmtrader) October 21, 2019
Bitcoin’s price however is lagging behind the impressive hash rate growth in the past 2 years – trading 55% lower than its all-time high price of $19,800 USD.
In the past 24 hours, BTC.com holds the largest hash rate pool share at 15.9% (close to 15 million TH/s); AntPool and Pooling – two public BTC mining pools – close out the top 3 mining hash rate polls with 15.8% and 13.4% of the pool share respectively.
Bitcoin’s shared hash rate across mining pools
The spike in Bitcoin’s hash rate is a direct effect to the increasing number of miners trying to get their hands on BTC and the increased production of powerful ASIC miners. An increase in hash rate implies an increase in mining difficulty (as seen in the chart below) which is a good sign for the security of the blockchain.
Bitcoin mining difficulty increasing in a similar trend with the mining hash rate.
Upcoming developments on BTC mining
Bitcoin difficulty adjustment – which occurs every 2016 blocks (approx.