As the BTC price approaches nearly $ 36,000, the Bitcoin network hash rate hits a new high

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Bitcoin (BTC) price isn’t the only metric showing record numbers as the network hash rate has hit a new all-time high.

According to data from Blockchain.com, the estimated average bitcoin hash rate for seven days is now around 148 exahashes per second, or EH / s. This number indicates the computational power miners spent per second securing the network.

Bitcoin hash rate. Source: Blockchain.com

On-chain analytics data provider Glassnode tweeted on January 1, announcing that Bitcoin had its largest average monthly hash rate of 136 EH / s in December 2020.

The current growth of the hash rate corresponds to the trend observed since the beginning of November 2020, which coincides with the beginning of the current bullish increase in the BTC spot price.

At that time, the network was recovering from a sharp drop in hash rate caused by the seasonal migration of Chinese miners at the end of the wet season in Sichuan. Before the decline, the Bitcoin hash rate was at its previous seven-day average ATH of around 146 EH / s, according to Blockchain.com.

If the current upward movement in the hash rate continues, the network will have to make a difficulty adjustment of over 10% for the next retargeting epoch, which is due to take place on Saturday.

The increase in hash rate is just one example of the continual improvement in Bitcoin fundamentals. Other metrics such as network usage and activity are also increasing. According to Coin Metrics, the number of active Bitcoin addresses is approaching its all-time high of around 1.19 million, which was already reached in the bull run in December 2017.

BTC has also continued its steep rise in price since breaking the $ 10,000 mark in early October. The largest crypto by market capitalization briefly put a new ATH above $ 35,000 before a slight decline.