• Bitcoin mining hashrate has recently registered its third-largest 3-month upwards increase in the past five years.
• This increase suggests that blockchain is currently attractive to miners.
• The largest 3-month increase in the metric’s value took place during the aftermath of the 2018-2019 bear market and April 2019 rally.
What Is Bitcoin Mining Hashrate?
The “mining hashrate” is an indicator that measures the total amount of computing power that miners have connected to the Bitcoin blockchain. When this metric’s value goes up, miners are bringing more machines online on the BTC network right now. Such a trend suggests the blockchain is currently attractive to mine for these chain validators. On the other hand, the indicator’s value going down implies some miners are disconnecting their rigs from the network. This could be a sign that the average miner isn’t finding BTC mining that profitable currently.
History of Bitcoin Mining Hashrate
Now, here is a chart that shows the trend in the Bitcoin mining hashrate, as well as in its 3-month percent change, over the last few years: The value of the metric seems to have been quite high in recent days | Source: James V. Straten on Twitter The above graph shows that the Bitcoin mining hashrate (the orange curve) has observed some sharp uptrend in the last few weeks. Because of this exceptional, consistent growth, the 3-month percent change in the indicator has also shot up. Related Reading: Glassnode Explains How Bitcoin Mining Is In A Remarkable Equilibrium According to this spike, the metric’s value has grown by about 52% in