When looking at the current Bitcoin hashrate chart, it appears that things are moving in the right direction once again. Following a big dip a few weeks ago, the hashrate is now spiking again in quick succession.
The health of any cryptocurrency network can be determined by its hashrate.
Bitcoin Hashrate Bounces Back Strongly
Whether it is a PoW or PoW chain, the more users contributing, the better.
Bitcoin is clearly a market leader in this particular department.
Even when its hashrate decreased by nearly 45 exohash a few weeks ago, there was no real cause for concern.
Fast forward to right now, and the Bitcoin hashrate is on the verge of hitting 130 exohash once again.
It appears that the recent BCH and BSV halvings may be contributing to the success of Bitcoin mining.
Both forks saw a major reduction in hashrate since their halvings.
That situation has not changed all that much in recent days, yet more mining power is pointed at the Bitcoin network.
If this increase continues, a new all-time high Bitcoin hashrate will be recorded fairly soon.
Having that happen this close to the upcoming block reward halving is crucial, as it will provide a boost to the overall market sentiment.
Miners are not giving up on Bitcoin despite its recent volatility, which is always a promising sign.
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