Bitcoin computing power hits a record high! "Bull market has arrived" is confirmed again

According to data, as Bitcoin regained its high of $9,000, the computing power of the Bitcoin network has reached a new historical high.

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Bitcoin hashrate hits new all-time high

The bitcoin network’s hashrate — the computing power needed to secure the network — hit 62 terahashes per second (TH/s) on Friday, according to data from Blockchain.com.

Data source: Blockchain.com

This represents the highest hashrate ever recorded on the Bitcoin network, with the previous record being 61.9 million TH/s set in late August 2018.

The Bitcoin network hashrate is continuing the trend from early 2019, with data growing steadily over a seven-day average period.

More mining nodes are active on the network, creating greater security by reducing the likelihood of malicious attacks on the blockchain.

In December 2018, Bitcoin computing power fell by more than 45% at one point. For a time, discussions about the mining industry having "surrendered" in the bear market became a hot topic. However, as Bitcoin computing power reached a new high, this view was shattered.

Fundamentals continue to reinforce the bull case

The record high hashrate of the Bitcoin network is just one of many core fundamentals that indicate Bitcoin is enjoying a positive growth trend. Bitcoin’s daily active addresses recently returned to over 1 million.

The increase in the number of daily active addresses does not seem to have a substantial impact on network fees, as the average transaction fee is currently around $1.33. Users can even get lower fees if they use a wallet that calculates fees reliably.

When the Bitcoin network computing power is setting a new record high, the spot price of Bitcoin is hitting an upward trend, reaching a price level above $9,000. Bitcoin once broke through the $9,300 mark yesterday, creating a new high in a year.

Mati Greenspan, senior market analyst at eToro, noted that Bitcoin network fundamentals are the best indicator of price action. As always, the recent price surge also occurred at a time when network activity reached new highs.

In addition, according to Fundstrat co-founder Thomas Lee on Twitter,

Taking a step back, with BTC currently at a new high in 2019, isn’t this somewhat similar to the fear of missing out that has plagued previous markets? Crypto winter is over.

It is worth noting that the current price of Bitcoin is still lower than the previous high price when the computing power was around $6,700. Since the beginning of 2019, the price of Bitcoin has risen by nearly 150%, of which Bitcoin has risen by 100% since April.