Bitcoin Hashrate Reaches New ATH for 3rd Time in October
While the markets plunge in response to the anticipated interest rate hike, Bitcoin’s (BTC) hashrate has reached a new all-time high. As per the data on Coinwarz, BTC’s hashrate reached 325 .11 EH/s on the 11th of October, at block 758,138. Source: Coinwarz.com Although Bitcoin’s price seems to be tumbling, the hashrate seems to be moving the other way around. The new all-time high comes a week after the previous peak a week prior, on the 5th of October. However, at press time, the hashrate dropped to 281.10 EH/s. Why is BTC’s hashrate reaching new ATHs so often? There are several reasons why Bitcoin’s hashrate might be increasing. Firstly it could have something to do with the falling prices of GPUs. The global chip shortage in early 2022 was a cause of concern for not just miners. With the chip shortage problem seemingly at an end, rig prices have consequently gone down. This might have led to more miners joining the network. The second reason...