Bitcoin Network Hashrate At All Time High Even Among Market Corrections

The Bitcoin (BTC) network’s hashrate is continuing to climb today, May 2, according to data from BitInfoCharts. The continuous growth of the hashrate over the past months signals a constantly increasing level of interest from the miners, in spite of Bitcoin’s inability to break the $10,000 price point after the market crash in February.

After BTC’s price reached $20,000 in December of last year, the market began to fall in the wake of the new year, with BTC dipping below $6,000 in February. Although the market has recovered slightly, with Bitcoin currently trading for around $9,144 and up 3 percent over a 24 hour period, the price is still more than 50 percent below its all-time high reached in December.

The rising hashrate – last recorded on May 1 as 31,590 PH/sec – means that new miners are continuously starting to mine for Bitcoin in spite of market fluctuations. This causes a constantly increasing competition between the miners and the resulting improvement of the…