Bitcoin’s network is currently the strongest ever. Just before the big Bitcoin Halving event, the power in the network reaches a new all-time high.
According to Glassnode, Bitcoin’s hashrate, which measures the total computing power within the network, has reached a new all-time high of more than 140 EH/s. In other words, the miners are investing more computing power in securing the Bitcoin network.
Since the Miners must use electricity and expensive computer processors to mine Bitcoin, the increase in hashrate is an optimistic sign. Just six weeks ago, the Miners were in a „surrender phase.“ After the BTC price suffered a huge blow on the „Black Thursday“ of March 12, many smaller miners had no choice but to cease operations.
As a result, the hashrate recorded an unprecedented decline of 44 percent. Since then, Bitcoin’s computing power has recovered in line with the price. One reason for the recovery in hashrate could be that miners are trying to mine and then hoard more Bitcoins before the Bitcoin Halving Event, scheduled for May 12. The event takes place every four years, after about 210,000 blocks. This time the miners‘ block reward will be halved from 12.5 BTC to 6.25 BTC.
In this context it is interesting to note that Digital Asset Manager Charles Edwards noted that every time Bitcoin came out of the surrender phase, strong price increases followed. Within a few years, an average profit of 5,000 percent up to the peak of the next cycle was achieved.