Why Bitcoin hash rate just hit an all-time high

2023-8-17 19:00

Quick Take

Bitcoin’s hash rate, a vital determinant of the network’s security and processing capability, has reached a milestone, surpassing 400 trillion hashes per second (Th/s) for the first time.

This record achievement represents the culmination of a trend of surging hash rates, indicative of an end to miner capitulation. In this period, less-efficient miners exit the market due to unprofitability.

Hash Rate: (Source: Glassnode)

Even more promising is the steady increase in miner balance. This behavior suggests that miners are holding onto their Bitcoin, storing it in treasury balances rather than liquidating it on exchanges to cover operational costs.

Such decisions usually reflect a positive long-term perspective on Bitcoin’s value, potentially signaling a more stable market environment.

Miner Balance: (Source: Glassnode)

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