Bitcoin Mean Hash Rate Soars to New ATH as Miners Remain Unaffected by Recent BTC Pullback

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Tue, 09/08/2020 - 09:04
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Yuri Molchan
Data shared by Glassnode and CoinMetrics shows that Bitcoin miners are unfazed by the current BTC fall back and have pushed the BTC hash rate to a new ATH
Bitcoin Mean Hash Rate Soars to New ATH as Miners Remain Unaffected by Recent BTC Pullback
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Glassnode analytics provider has reported that the Bitcoin mean hash rate (1-day MA) value has surged to a new all-time high.

Meanwhile, Bitcoin is striving to stay above the $10,000 support as miners seem to be unaffected by this major pullback.

Mean (1-day MA) Bitcoin hash rate hits a 156 EX/s ATH

According to a chart published by the analytics agency Glassnode, the value of the mean Bitcoin hash rate (1-day MA) has hit a new all-time high of 156 EX/s since May 11the day that the third block reward cut took place.

BTC
Image via Twitter

On the day of the scheduled miners' reward cut, the mean BTC hash rate surged to 152 EX/s, as per Glassnode. The total BTC hash rate back then rose to 121 EX/s and then suddenly collapsed to 90 EX/s.

The current rise in the mean hash rate value is in progress despite Bitcoin's recent pullback on the market; it has fallen from $12,000 down to the $9,900 area.

However, the flagship currency has managed to surpass the $10,000 level again and is now doing its best to stay above this support line.

CMBI Bitcoin Hash Rate Index goes up

An all-time high hash rate means that miners keep working despite losing part of their income to the BTC decline.

This is confirmed by the chart that CoinMetrics shared on its Twitter page, which mentions the CMBI Bitcoin Hash Rate Index. The speed of block production is indicative of a healthy network.

Further, a high hash rate gives Bitcoin a greater chance of standing up to 51 percent attacks.

"Bitcoin miners seem unphased by the recent drawdown in markets, continuing to produce hashes at record high levels."

BTC
Image via Twitter

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BTC transaction number is up almost 30 percent

Glassnode has also spread the word that two more BTC on-chain fundamental metrics have shown a major rise.

The number of Bitcoin transactions (1-day MA) has seen a substantial rise over the past twenty-four hours and is now equal to 13,667.500a 28.2 percent increase from the previous value of 10,664.375.

The Bitcoin transaction volume (1-day MA) has also soared to a 1-year high, reaching the 130,110.626 BTC level.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.