Bitcoin Hashrate Reaches Near Record Highs Amid Price Rebound Above $67,000

Recent on-chain data indicates that the Bitcoin mining hashrate is approaching its all-time high as the BTC price surpasses $67,000.

Recent Surge in 7-Day Average Bitcoin Mining Hashrate

The term “mining hashrate” represents the total computing power that miners have linked to the Bitcoin blockchain. An increase in this metric suggests new miners joining the network or existing ones expanding their operations, signaling attractiveness to these validators. Conversely, a decline may indicate miners disconnecting due to profitability concerns.

The chart illustrates the trend in the 7-day average Bitcoin mining hashrate over the last year.

Following a peak in May, the 7-day average Bitcoin mining hashrate experienced a significant decline amid bearish market conditions. Miners primarily earn revenue from block subsidies, which are impacted by BTC price fluctuations. The fourth Halving event in April halved block rewards, adding pressure on miners.

Despite these challenges, the mining hashrate has rebounded alongside Bitcoin’s price surge back to $67,000, indicating improved profitability for miners.

BTC Price

Currently, Bitcoin is trading around $67,500, reflecting a 3% increase over the past week.