Bitcoin (BTC) hashrate recently saw its fastest 30-day growth ever

14 Jul, 2019
by David Robb
Analysis
Bitcoin (BTC) hashrate recently saw its fastest 30-day growth ever

The Bitcoin price resurgence of the last few months has been accompanied by new record hash rates being set. Data shows that the BTC hashrate also recently broke its all-time record for 30-day growth.

Blockchain analysis showed that the BTC hash rate hit its all-time high of 74.5 TH/s on July 4. The previous ATH was set just a week before, on June 28, and before that another peak level was reached on June 19. 

It may not come as a surprise then, that the 30-day period going back from July 9 saw the fastest hashrate growth in the history of the Bitcoin network. Data from Binance Research shows that the moving average increased during this time by a total of 13.11 EH/s. 

As usual, there was no consensus on what exactly this hash rate growth could mean for the BTC price. The old adage that price follows hash rate no longer holds as much weight as it once did, and some observers were claiming that this latest rally may functionally be different to previous ones.

It was pointed out that an increase in hash rate definitely means that the network is more secure and less vulnerable to attacks from malicious miners, which is a big positive for adoption, but the issue of the huge energy usage involved in mining Bitcoin also came up again.

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