The Bitcoin (BTC) price isn’t the only metric seeing record numbers as the network hash rate has hit a new record.
According to According to data from Blockchain.com, the estimated seven-day average Bitcoin hash rate is now around 148 exahashes per second, or EH / s. This figure represents the amount of computing power spent by miners to secure the network every second.
Tweet On January 1, on-chain analytics data provider Glassnode revealed that Bitcoin recorded its largest average monthly hash rate of 136 EH / s in December 2020.
ATH: The December hash rate (136 exahash / s) was the fastest in #Bitcoinhistory so far
– glassnode (@glassnode) January 1, 2021
The current hash rate growth is in line with the trend observed since early November 2020, which coincides with the start of the current bullish progress in the BTC bargain price.
At the time, the network was recovering from a big drop in hash rate caused by the seasonal migration of Chinese miners at the end of the rainy season in Sichuan. Before the decline, Bitcoin’s hash rate was at the previous seven-day average ATH of around 146 EH / s according to figures from Blockchain.com.
If the current upward hash rate trajectory continues, the network will require an upward difficulty of more than 10% at the next retargeting era that should happen on Saturday.
The spike in the hash rate is just one example of the ongoing improvements in Bitcoin fundamentals. Other metrics such as network usage and activity are also increasing. According to For Coin Metrics, the number of active Bitcoin addresses is nearing its all-time high of about 1.19 million, achieved in the December 2017 bull run.
BTC is also continuing its steep price rise since it crossed the USD 10,000 price level in early October. The largest crypto by market capitalization briefly set a new ATH above $ 35,000 before you see a slight relapse.