Cryptocurrency

From freeze to flourish as Bitcoin hash rate showcases resilience

Quick Take

The Bitcoin hash rate experienced a significant drop in the middle of January, triggered by the Texas freeze, which saw it plunge 6% from its record peak. However, this plunge was short-lived, as evidenced by Jan. 25, which witnessed the most significant single-day hash rate ever recorded, at an impressive 638eh/s, marking a 24% day-over-day increase.

Hash Rate: (Source: Glassnode)

When examining the seven-day moving average, it’s evident that the Bitcoin hash rate has demonstrated remarkable resilience. It has entirely recuperated from its recent downturn, reporting a 7.5% increase at 533 eh/s. This swift recovery is a testament to the robustness of Bitcoin’s decentralized network during times of unexpected adversity.

As we move forward, with another week left until the subsequent difficulty adjustment, projections from Newhedge signal an adjustment between 4.3% and 6.4%. Despite prior fluctuations, this suggests a steady and healthy growth trajectory for the Bitcoin network.

Bitcoin Difficulty Estimator: (Source: Newhedge)
Bitcoin Difficulty Estimator: (Source: Newhedge)

The post From freeze to flourish as Bitcoin hash rate showcases resilience appeared first on CryptoSlate.

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