Bitcoin’s Hashrate Nears All-Time High

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Bitcoin’s hashrate is close to fully recovering after a significant drop in December to 35 quintillion hashes per second (exahashes).

Bitcoin’s hashrate is now at 50 exahashes per second, not far off from the all time high of 55 EH/s it first reached in October 2018.

Bitcoin’s hashrate over a decade, May 2019.

As can be seen, bitcoin’s hashrate has seen a very sharp V recovery for much of this year, with second hand mining gear apparently doubling in price in China.

That suggests confidence is seemingly returning, with mining now back just about in profit as bitcoin moves towards the halvening.

Block rewards will drop to 6.25 BTC every 10 minutes or ₿900 a day from the current ₿1,800.

Inflation will fall to less than 2%, keeping it there with the FED’s target until 2024 when it will get close to zero for the first time.

The halving is expected in or around May 20th 2020, with BCH expected just one month ahead on or around April 7th 2020.

Both being in a year from now, with 85% of all bitcoins mined so far, just ₿3 million left to go.

What might be more interesting than the hashrate is the number of unique addresses, which has reached its highest since February 2018 during the peak of crypto prices.

Bitcoin unique addresses, May 2019.

That measures how many different bitcoin addresses are transacting a day as a sort of proxy to indicate whether activity, and thus demand for the bitcoin blockchain, is increasing or otherwise.

Bitcoin searches have also started looking decent over a one year term as the November-December 2017 peak moves out of view.

They’re of course far lower than at that point, but that’s probably because they already learned about bitcoin.

Hits to Coinbase and Binance are however apparently increasing, suggesting some growing interest in the cryptocurrency that might now be echoing 2015-16.

Copyrights Trustnodes.com

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