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According to recent blockchain data, Bitcoin’s hashrate is on the rise, hitting a new all-time high on Friday, January 3, 2025. This new peak comes as the top cryptocurrency continues its recovery after a disappointing end to 2024. .
Positive correlation between Bitcoin price and hash rate
“Hashrate” is a metric that measures the total amount of computing power securing a Proof-of-Work blockchain network, in this case Bitcoin. This is used to determine the difficulty of mining a blockchain and evaluate participation in the network.
An increase in the hashrate metric indicates that Bitcoin miners are putting more computational resources into the network, thereby making the blockchain more secure. On the other hand, a low hashrate indicates reduced network participation and reduced security.
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On Friday, Bitcoin’s hashrate briefly hit a new record high of over 1,000 exahashes per second (EH/s). According to the latest on-chain data, as of this writing, the hashrate is back to around 783.02 EH/s.
According to data from CoinWarz, this all-time high for Bitcoin hashrate is nearly double the value from about a year ago. As of January 2024, the hashrate of the BTC network was approximately 510 EH/s.
From a historical perspective, there is a positive correlation between the network’s hash rate and the price of Bitcoin. For example, the large increases in hashrate during the 2017 and 2021 bull cycles coincided with large price increases.
Additionally, a higher hashrate indicates strong network fundamentals, which could improve sentiment surrounding the leading cryptocurrency. While this may not lead to higher prices immediately, it could contribute to higher prices over time.
As of this writing, the price of Bitcoin is around $98,264, reflecting an increase of almost 2% over the past 24 hours. This optimistic one-day action resulted in a somewhat positive weekly performance, with the flagship cryptocurrency gaining nearly 5% over the past seven days.
US mining pools now account for 40% of global hashrate: report
A new report reveals that the United States accounted for more than 40% of Bitcoin’s global hashrate at the end of 2024. Specifically, two US-based mining pools, Foundry USA and MARA Pool, were responsible for over 38.5% of all blocks mined. .
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According to a report by TheMinerMag, Foundry USA has increased its hashrate from 157 EH/s in early 2024 to approximately 280 EH/s by December, making it the single largest mining pool by hashrate. Meanwhile, the MARA pool accounts for about 4.35% of the world’s hashpower.
Source: TheMinerMag
Although this represents significant growth in the US BTC mining industry, China-based mining pools still control the majority of the total hashrate. As of September 2024, Chinese mining pools control 55% of the world’s hashrate, despite the country banning cryptocurrencies.
Daily BTC price | Source: TradingView’s BTCUSDT chart
Featured image from iStock, chart from TradingView
