as bitcoin BTCUSD Although the price managed to surpass the multi-year high of $70,000 since November 2021, the hashrate of the first cryptocurrency continues to soar.
Bitcoin is $70,000, hash rate exceeds 700 EH/s: CryptoQuant CEO talks about “containers with 3x more money”
Despite Bitcoin 
BTCUSD Although the price is only slightly above the 2021 high, the total hashrate is now 200% larger. This optimistic “imbalance” was noticed by Ki Young Ju, CEO of leading cryptocurrency analysis platform CryptoQuant.
#Bitcoin = money container
Hashrate = container size measurement
Although at the same price level as the previous ATH, this container can now store three times more money. pic.twitter.com/2i7waHL0M1 — Ki Young-ju (@ki_young_ju) March 30, 2024
Bitcoin BTCUSD Therefore, a network can be compared to a container of money. A well-known analyst said that because the miner is generating 200% more hashes per second, he can now store three times more funds in this container.
He also showed a chart showing Bitcoin’s incredible 30-month rise BTCUSD Network activity metrics. In 2021, it experienced its first prolonged decline in almost five years.
As previously covered on U.Today, in April 2024, Bitcoin will BTCUSD The network will undergo its largest halving in terms of changes in miner rewards denominated in USD.
Total Bitcoin 3-7% BTCUSD Miners may go offline after the halving as the reward is scheduled to decrease from 6.25 Bitcoins to 3.125 Bitcoins BTCUSD block by block.
Bitcoin BTCUSD Hashrate doubles in 1 year: bullish?
According to data from CoinWarz, during March 2024, Bitcoin will BTCUSD The hashrate exceeded 700 Ehash per second at least four times.
To give you some context, a year ago it was stuck in the 300-350 EH/s range.
Bitcoin BTCUSD Hashrate is an important indicator for Bitcoin BTCUSD Network activity. This shows the net number of hashes that miners are calculating every second for the opportunity to add the next block.
A sharp rise in hashrate indicates increased motivation for Bitcoin BTCUSD Miners can continue to contribute to keeping BTC safe and decentralized. Therefore, the ongoing trends clearly indicate that miners are optimistic about his BTC price performance in the medium term.
