Bitcoin Hashrate Prints New All-Time High

Alex Dovbnya

The Bitcoin network is stronger than ever, with hashrate reaching a new all-time high

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Tue, 6/04/2021 - 6:19

Bitcoin Hashrate Prints New All-Time High

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Bitcoin’s hashrate reached a new all-time high of 179.4 EH/s on Apr. 5, according to data provided by CryptoQuant.

This took place on the same day the cryptocurrency scored its second-highest daily close ever of $59,101 on the Bitstamp exchange.

Mon, 04/05/2021 - 18:51

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Even though there is no direct correlation between price and hashrate, some pundits in the likes of journalist and Wall Street Max Keiser believe that the former tends to follow the latter.

CryptoQuant CEO Ki Young Ju claims that miners keep accumulating Bitcoin, and they don’t intend to cash out their holdings:

Network fundamentals are getting stronger, and those who make the network strong don't cash out Bitcoins to buy new mining rigs. They buy mining rigs with cash, not Bitcoin.

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About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.