As noted by cryptocurrency analyst Miles Deutscher, Bitcoin's hashrate continues to explode to new highs. This comes despite the dismal price performance of the leading cryptocurrency.
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Deutscher argues that this indicates increased network security as well as growing minor confidence.
The analyst has concluded that surging hashrate is ultimately bullish for Bitcoin.
According to data provided by CoinWarz, Bitcoin's hashrate peaked at 1,113 EH/s on Apr. 13.
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Meanwhile, Bitcoin's mining difficulty currently stands at 121.51 trillion.
Vladislav Sopov
Dan Burgin