As Bitcoin BTCUSD Although the price managed to stay above $70,000, which is the previous multi-year high set in November 2021, the hashrate of the first cryptocurrency continues to rise rapidly.
Bitcoin at $70,000, hashrate over 700 EH/s: CryptoQuant CEO on “containers with three times more money”
Despite Bitcoins 
BTCUSD With the price only slightly above its 2021 peak, the aggregate hashrate is now 200% higher. Such an optimistic “imbalance” was noted by Ki Young Ju, the CEO of leading crypto analysis platform CryptoQuant.
#Bitcoin = money container
Hashrate = measure of container size
Same price level as the previous ATH, but this container can now store 3 times more money. pic.twitter.com/2i7waHL0M1 — Ki Young Ju (@ki_young_ju) March 30, 2024
The Bitcoin BTCUSD Network can therefore be compared to a container for money. With its miners producing 200% more hashes per second, this container can now store three times more money, says the renowned analyst.
He also showed a chart showing a whopping 30-month rally in critical Bitcoin BTCUSD Network activity metrics. 2021 saw the last prolonged decline in almost five years.
As previously reported by U.Today, Bitcoin was launched in April 2024 BTCUSD The network is set to witness its largest halving in terms of USD-denominated change in miner rewards.
Total 3-7% of Bitcoin BTCUSD Miners may go offline after the halving as rewards will drop from 6.25 to 3.125 Bitcoin BTCUSD per block.
Bitcoin BTCUSD Hashrate has doubled in a year: Bullish?
According to CoinWarz data, Bitcoin was mined in March 2024 BTCUSD The hashrate increased at least four times to over 700 ehashes per second.
For context, a year ago it remained in the 300-350 EH/s range.
The Bitcoin BTCUSD Hashrate is a key metric of Bitcoin BTCUSD Network activity. It shows the net number of hashes that miners calculate every second to compete for the opportunity to add the next block.
The rising hashrate shows the increased motivation of Bitcoin BTCUSD Miners will continue to help keep BTC secure and decentralized. Therefore, the ongoing momentum is a clear signal of miners’ optimism about BTC price development in the medium term.
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