New year. Same Bitcoin. New energy from the miners.
Bitcoin just hit an all-time high hash rate nearing 120 Exahashes in the past 24 hours as miners FOMO sets in only 48 hours into the new year. Could this signal a possible miner accumulation leading to the halving in May 2020?
Bitcoin hash rate hits all-time high
Despite the 50% capitulation in BTC’s price in the last 6 months of 2019, the new year has started on a high as the pioneer cryptocurrency hit a new all-time high on January 2nd 2020. Dropping from a high of $13,800 USD in June to $7,100 USD, across major exchanges currently, has seen the overall sentiments in the market turn bearish but this may be set to change in months leading to the halving.
According to Blockchain.com data, Bitcoin (BTC) hit an all-time high hash rate of 119, 353,780 TH/s. The hike in hash rate represents a 4% increase from the previous all-time high set in October. The new all-time difficulty means the blockchain is more secure than ever before with miners competing for the remaining block rewards before a cut in half come May.
Bitcoin's way of saying Happy New Year:
New all-time high mining difficulty of: 13,798,783,827,516
Average hashrate over the last ~14 days was 98.67 EH/s
— Alistair Milne (@alistairmilne) January 1, 2020
After persistent calls of miner capitulation across 2019, the rise in hash rate shows the miners are finally recovering signaling a bullish reversal on hand.
Monero (XMR) hash rate hits all-time high
Bitcoin’s hash rate success follows a magnanimous rise in XMR’s hash rate, a privacy-enabled cryptocurrency, which also hit its all-time high on 31st December 2019. The blockchain reached a record 1.1385 Gh/s on December 31st, growing from 297 Mh/s at the end of November.
Hey guess what..
The #Monero hashrate has reached an all time high.
— xmranon (@xmranon) December 31, 2019
The hash rate has since retraced to 1 Gh/s, as at time of writing. Monero (XMR) currently trades at $46.05 USD, representing a slight 1.12% increase in the past 24 hours.