Weekly Moving Average of Bitcoin Mining Hashrate Reaches New All-Time High

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Mon, 07/06/2020 - 15:32
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Alex Dovbnya
Bitcoin’s weekly average hashrate reaches a new all-time high along with the coin's energy value
Weekly Moving Average of Bitcoin Mining Hashrate Reaches New All-Time High
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According to CoinMetrics, the weekly average of Bitcoin’s network hashrate, which shows the amount of all computing power deployed on the network, has just reached its highest level to date of 123 EH/s.

This reflects the growing confidence of miners who continue to heavily invest in more efficient equipment to remain competitive. 

CM
image by @cryptowat_ch

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A topsy-turvy year for Bitcoin miners

Blockchain.com's data shows that the hashrate is to take to surpass its March 1 peak of 136.25 EH/s.

It came right before Bitcoin’s 51 percent price rout that ended up shrining the network’s power by 44 percent in less than a week.

After rebounding to 136.098 ETH/s by May 10, the hashrate ended up recording another major drop that has also been successfully shrugged off by miners.     

Total Hash Rate
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Bitcoin is more valuable than ever 

In the meantime, Bitcoin’s energy value has just reached an all-time high, as noted by Charles Edwards of Capriole Investments.

Charles
image by @caprioleio

Capriole’s metric is significant for Bitcoin’s bullish case since it used to determine the intrinsic worth of the leading cryptocurrency that many critics say it lacks. 

Bitcoin poses as the first energy-backed currency that was first envisioned by Henry Ford one century ago.     

In its blog post, the firm described that there was a direct correlation between the BTC price and its energy value.

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About the author

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.