The Bitcoin Mining Hashrate Taps Record High Despite Bearish Market Trend
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As of September 25, the BTC hashrate had tapped a fresh record high of 226,633 EH/s over the past 30 days. According to statistics from Blockchain.com, the hashrate has been on a steady increase since it slumped in early August.
The hashrate, which refers to the total computational power dedicated by miners to process transactions on the network, has jumped despite Bitcoin’s persistent bearish bias.
Notably, the current hashrate figures are in huge contrast to historical trends, when the metric moves in tandem with the price of BTC. The hashrate typically increases when Bitcoin’s price surges and drops when the opposite occurs. That said, the increasing hashrate indicates that the cryptocurrency is becoming more difficult to mine.
Some commentators have noted that the hashrate is rising as Bitcoin’s carbon footprint gets more scrutiny. The practice of mining BTC has been repeatedly condemned by environmentalists as it consumes a massive amount of electricity. That said, the criticisms have encouraged miners to seek out cleaner energy sources and to remain on the good side with regulators.
Key Bitcoin Levels to Watch — September 27
Just as quick as its surprise rally came yesterday, so did Bitcoin plummet over the past few hours. After shoving its way above the $20K mark and into the lower-band pivot area, BTC bulls were met by a sharp correction today, which erased all the gains it recorded over the past 24 hours.
The benchmark cryptocurrency now sits atop the $19K mark as it stares down the $18K route again. That said, the cryptocurrency needs to cool its bearish momentum over the coming hours and prevent a sustained decline past the $19K support. After this, a retest of the critical $20K mark should ensue.
Meanwhile, my resistance levels are at $19,600, $20,000, and $20,500, and my key support levels are at $19,000, $18,500, and $18,000.
Total Market Capitalization: $929.5 billion
Bitcoin Market Capitalization: $364.4 billion
Bitcoin Dominance: 39.1%
Market Rank: #1
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