The Bitcoin hashrate reached a new record yesterday with an all-time high of over 130 million TH/s.
This peak, far from sudden, follows a constant growth period that started in early 2019 and stopped only in mid-2019 and between November and December of the same year.
Suffice it to say that in May of last year it did not exceed 50 million TH/s, although by August 2018 it had exceeded 60 million TH/s for the first time, while by the end of October it had almost reached 110 million.
Starting from January 2020 it grew again, first to 120 and then yesterday for the first time to 130 million TH/s.
This growth is all the more astonishing when considering that in May the miner reward will be halved from the current 12.5 BTC per block to 6.25 BTC.
In addition, yesterday’s peak was reached during a week when the price of bitcoin suffered, losing more than 10% in a week.
In light of these two considerations, i.e. the imminent halving and the price drop, the new Bitcoin hashrate’s ATH is even more surprising, despite being the result of an increase that has been going on for over a year now.
In this regard, there are those who point out that this could mean a more lively interest than ever in the technology behind Bitcoin, and that the network is now growing thanks to the strength of its community and no longer largely thanks to speculation.
Short-term price movements seem to have no particular impact on the hashrate, perhaps because the miners themselves are not interested in it, focusing more instead on long-term movements.
The increase in hashrate in the months leading up to the halving seems to suggest quite explicitly that the miners expect BTC’s value to increase in the months following the halving, otherwise they would not invest in new machinery with the expectation that the reward would be halved.
In other words, this new historical high seems to be a good sign for the medium-term future of bitcoin.