The bitcoin mining hashrate can be seen as one of the most important numbers related to the digital asset. This can be justified because it reflects the computing power that is used in the network to verify the transactions and thus colloquially indicates “how secure” the BTC network is. After the halving, however, the hashrate suffered a severe setback as expected, and in the meantime plummeted to well below 90 TH / s. However, this negative trend now seems to have been completely overcome since the weekly average hashrate has reached a new all-time high.
Bitcoin mining hashrate looks healthier than ever
According to CoinMetrics, the weekly average of Bitcoin mining hashrate, which indicates the amount of total computing power used in the network, has just reached the highest value so far at 123 TH / s.This reflects the growing confidence of miners, who continue to invest heavily in more efficient equipment to remain competitive.
The value of Bitcoin is increasing
But what does the asset actually have from the recovery of the Bitcoin mining hashrate after the halving? The best way to do this is to look at the intrinsic value of BTC, which, contrary to many critics, digital gold has due to the mining costs.As Charles Edwards, from Crypto Asset Manager “Capriole Investments”, shows on Twitter, the “energy value” of BTC is now reaching a new all-time high. He writes:
“Super bullish. Bitcoin’s energy value has just reached an all-time high. #The intrinsic value of Bitcoin has never been higher. How can you be bearish?”