Bitcoin Achieves Historic Milestone with Hashrate Reaching All-Time High
Bitcoin has made history by surpassing $99,000, accompanied by a record-breaking network hash rate. The surge in Bitcoin’s hashrate signifies a significant achievement for the cryptocurrency’s network security and mining efficiency. Hashrate, a measure of the total computing power of all Bitcoin miners, has hit an all-time high, indicating that there are more miners actively participating in securing the network.
A recent report from CryptoQuant highlights the resurgence in hashrate following a decline post the latest Bitcoin halving event. The halving, which occurred in April 2024, saw a reduction in the issuance of new Bitcoins by half, creating scarcity in the market. Despite the initial drop in hashrate post-halving, the replacement and upgrading of mining equipment have fueled the upward trend in hashrate since July.
Miners are now operating their rigs more efficiently, with a noticeable increase in mining activity in the United States. This surge in activity could be attributed to the current positive sentiment prevailing in the market.
In a groundbreaking move, Bitcoin breached the $99,000 mark for the first time on Thursday, following a series of consecutive gains. The price of Bitcoin reached a high of $99,500 before settling at $97,569, as per CoinMarketCap data. Recent developments in the U.S., such as Securities and Exchange Commission Chair Gary Gensler’s impending resignation, have added to the bullish sentiment in the market.
MicroStrategy, a leading Bitcoin treasury company, has announced plans to ramp up its purchases of the cryptocurrency. Additionally, the introduction of options on U.S. Bitcoin exchange-traded funds has further bolstered market sentiment. Over the past few weeks, U.S. ETFs investing in Bitcoin have witnessed a net inflow of over $6.8 billion, pushing the total assets under management of these funds past $100 billion.
The surge in Bitcoin’s hashrate and price milestones underscore the growing adoption and acceptance of cryptocurrency in mainstream financial markets. As Bitcoin continues to break new barriers, the future looks promising for the world’s most popular digital asset.