BTC hashrate has increased 27 times since the beginning of 2017. Can this stimulate price increases?

This article is from AMBCrypto, original author: Aakash Athawasya

Odaily Planet Daily Translator | Yu Shunsui

Fundamentals are rising as Bitcoin price hovers below the $13,000 mark. Bitcoin hashrate hit a record of 65.87 EH/s earlier this week, surpassing the previous all-time high of 65.19 EH/s set last month.

Computing power, also known as hash rate, is an important indicator for describing mining difficulty and network performance. Bitcoin computing power has soared to an all-time high, and its growth rate has exceeded expectations.

Binance Research recently released a research report on the Bitcoin network, involving its mining capacity. The report added that the computing power has increased more than 27 times since the beginning of 2017. "The computing power has increased 27 times since the beginning of 2017 and has been breaking new historical highs. During the same period, the US dollar price of BTC has increased 11 times, indicating that the competition among miners for block rewards is becoming increasingly fierce." During the above period, the computing power of the Bitcoin network increased from 2.4 EH/s to about 70 EH/s, which is more than 28 times the original.

It should be noted that the hash rate remained stable throughout most of the crypto winter of 2018. Miners were hit hard only after the BCH hard fork in December 2018 pulled its price below $3,500. However, the hash rate has been rising since then.

The Binance Research report also noted that “Bitcoin’s total hashrate (7-day moving average) has grown by 13.11 EH/s over the past 30 days — the fastest rate ever. This is equivalent to the hashrate of approximately 970,000 Antminer S9 miners.”

However, Bitcoin’s daily active addresses do not reflect the success of miners. On July 7, daily active BTC addresses fell to their lowest level since the start of the recent bull run. The number of addresses on April 2 was less than 700,000, while the figure on July 7 was 655,000.

In another 10 months, Bitcoin will usher in the halving event. The price of Bitcoin will only soar. Can miners play the role of price catalyst?