TomCrown
Bitcoin Hashrate March 2020 & Today
Bitcoin hashrate has reached a new all time high! Hashrate is a measurement of total work or mining being done on the Bitcoin Blockchain. Logically, as technology advances and more powerful computers are developed we can expect hashrate to trend upwards indefinitely. So a new hashrate all time high is not necessarily bullish or bearish on its own. We have seen hashrate continue to grow, and set new highs, through most of the 2018 bear market. However there is something of interest when we compare hashrate vs. BTCUSD price. During the March 2020 crash we saw a hashrate follow price - declining steeply. Hashrate bottomed shortly after price. Ive placed a crudely drawn white V on the chart to highlight this. When we look at 2021-2022 price action vs. hashrate, there is something similar! Price bottomed in June~ with Hashrate bottoming shortly after. Can we infer hash rate recovery may be correlated with price bottoming? In my opinion, its worth noting.