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Monero Is on Rise with Hashrate and Exchange Inflows Rising Rapidly

Tue, 04/19/2022 - 09:56
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Arman Shirinyan
Monero's hashrate, exchange net flow and price are showing bullish tendencies, and the reason is simple
Monero Is on Rise with Hashrate and Exchange Inflows Rising Rapidly
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Monero remains one of the strongest positions on the cryptocurrency market as it gains more than 70% since the end of February, ignoring almost every trend on the market and moving up despite the correction on such cryptocurrencies as Bitcoin and Ethereum, which was also highlighted by Bloomberg.

Hashrate on the rise

In addition to the strong rise of XMR as an investment asset, we also saw an increase in GH/s showing increased demand from miners. Since the beginning of the month, Monero saw several spikes in the hashrate, including a spike to 4 GH/s on March 29 and 3.77 GH/s on April 11.

2Miners Data
Source: 2miners

In the long term, Monero saw a steady uptrend in the demand coming from miners as its hashrate was growing steadily from the middle of 2021 until January. In 2022, we see a steady decrease in the hashrate, which is most likely tied to the shift in mining power toward different coins that have faced a drop in the hashrate.

Why is demand for Monero at such a high level?

Both hashrate and market performance suggest that traders and investors are more than interested in purchasing as much Monero as they can. In addition to it, we can clearly see large outflows from major exchanges like Binance, which was the reason behind several reports on the inability of users to properly trade the cryptocurrency on the platform.

243.6 Billion SHIB Scooped Up by Whales as Token Recovers from Recent Fall

The main reason behind the increased demand is most likely tied to the demand for "privacy coins," or cryptocurrencies developed to provide the highest privacy possible, which is why they become extremely popular among criminal elements and people involved in illegal activities.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.