New BTC Hash Rate High Shows Miners Are Long-Term Bullish

A new BTC hash rate high indicates that the miners continue to set records for their accomplishments – and is a clear sign that they have shaken off the weak price performance.

The Bitcoin news emerged based on data from the monitoring resource Blockchain which confirmed that the hash rate for bitcoin just hit 114 quintillion hashes per second yesterday, October 23.

As we can see, this is the largest reading ever and is one that is echoed by others such as BitInfoCharts, which recorded an all-time high of just over 110 quintillion at the same time. The Coin Dance numbers put the all-time high of 134 quintillion occurring on October 10.

Due to the impossible way of measuring hash rate in the exact measure, all of the charts are estimates that rely on the previous period and its block times. The new BTC hash rate high is achieved that way.

And for all those of you who are not following the crypto news, the hash rate basically refers to the overall computing power that is involved in validating transactions on the Bitcoin blockchain. More power in this manner suggests greater network security and increased interest in the profitability potential of Bitcoin mining. In other words, miners are anticipating higher BTC prices in the future.

As we reported before, the network hash rate appeared to experience volatility last month with Blockchain’s reading falling by 40% in one day before the analysts explained the statistics and how they did not imply that miners were deserting Bitcoin.

Nonetheless, the mounting hash rate in the face of a Bitcoin which is dropping below $7,500 is something that underscores their dedication to investing in the industry and its future profitability. The mining giant Bitmain, for example, has launched what it calls “the world’s largest” mining firm in Rockdale, Texas this week.

While there is a new BTC hash rate high, the profitability metric is in fact approaching its lowest in 12 months. One miner has even told the media that $6,500 is a floor price to maintain profitability for participants in the network right now. If you pass it, you could see a reduction in the hashing power as miners may choose to turn off their rigs until the difficulty adjusts and/or prices recover.