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Bitcoin Hashrate Hits New All-Time High — Can Price Reclaim $100,000?
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Bitcoin Hashrate Hits New All-Time High — Can Price Reclaim $100,000?

Opeyemi Sule
Opeyemi Sule
5 months ago
3 mins read
Bitcoin

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According to recent blockchain data, the Bitcoin hashrate has been on the rise as it touched a new all-time high on Friday, January 3rd, 2025. This new peak comes as the premier cryptocurrency continues to recover after a disappointing end to the year 2024.

Positive Correlation Between Bitcoin Price And Hashrate

The “hashrate” is a metric that measures the total amount of computing power that secures a Proof-of-Work blockchain network (Bitcoin, in this case). It is used to determine the mining difficulty of a blockchain and gauge network participation.

When the hashrate metric increases, it indicates that Bitcoin miners are devoting more computational resources to the network, with the blockchain becoming more secure as a result. Meanwhile, a lower hashrate suggests reduced network participation and less security.

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On Friday, the Bitcoin hashrate briefly hit a new record high of over 1,000 exahashes per second (EH/s). According to the latest on-chain data, the hashrate has retraced back to around 783.02 EH/s, as of this writing.

Data from CoinWarz shows that this new all-time high for Bitcoin hashrate is nearly double its value about a year ago. As of January 2024, the BTC network hashrate stood at around 510 EH/s.

From a historical standpoint, there is a positive correlation between the network hashrate and Bitcoin price. For instance, substantial increases in the hashrate during the 2017 and 2021 bull cycles overlapped significant price rallies.

Moreover, a higher hashrate signals strong network fundamentals, which can improve the sentiment surrounding the premier cryptocurrency.  While this may not lead to immediate surges, it could contribute to the price growth over time.

As of this writing, the price of Bitcoin stands at around $98,264, reflecting an almost 2% increase in the past 24 hours. This optimistic single-day action adds to the somewhat positive weekly performance, with the flagship cryptocurrency up by nearly 5% in the past seven days.

US Mining Pools Now Account For 40% Of Global Hashrate: Report

A new report has revealed that the United States accounted for more than 40% of Bitcoin‘s global hashrate at the end of 2024. Specifically, two US-based mining pools, Foundry USA and MARA Pool, were responsible for over 38.5% of all blocks mined.

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A TheMinerMag report showed that Foundry USA improved its hashrate from 157 EH/s at the beginning of 2024 to approximately 280 EH/s by December to become the single largest mining pool by hashrate. Meanwhile, MARA Pool accounts for about 4.35% of global hash power. 

Bitcoin
Source: TheMinerMag

While this represents significant growth for the United States in the BTC mining industry, China-based mining pools still control the majority of the total hashrate. Despite a ban on crypto in the country, Chinese mining pools controlled 55% of the global hashrate, as of September 2024.

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The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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