On-chain data shows the Bitcoin miners have pushed their Hashrate to a new all-time high (ATH) despite the plunge in the asset’s price.
When the value of the indicator rises, it means new miners are joining the blockchain and/or old ones are expanding their facilities. Such a trend implies the miners are finding the network to be profitable.
On the other hand, the metric going down suggests some miners are disconnecting their machines from the blockchain, potentially because they are no longer able to break even on BTC mining.
As displayed in the above graph, the Bitcoin Hashrate registered a steep climb earlier in the month and set a new record of 1,045 EH/s on September 12th. With the extra computing power, miners started mining blocks at a notably faster pace than usual.
In response to the earlier rise in the indicator, the Bitcoin blockchain significantly increased its Difficulty. From the chart, it’s visible that this led to a plunge in the Hashrate, as miners not able to cope with the harder Difficulty dropped out.
Interestingly, though, it didn’t take long for miners to resume expansion. In fact, not only have they started expanding again, they have been doing so at an explosive pace during the last few days.
This has resulted in a fresh ATH of 1,079 EH/s. The growth in the Hashrate has come despite the fact that the Bitcoin price has observed a plummet toward the $112,000 level.
At the time of writing, Bitcoin is floating around $112,200, down around 2.5% over the last seven days.
