Bitcoin Hashrate Reaches New All-Time High of Over 1,000 EH/s
Recent blockchain data indicates that Bitcoin's hashrate reached a new all-time high on January 3rd, 2025, reflecting a recovery after a decline at the end of 2024.
Positive Correlation Between Bitcoin Price And Hashrate
The “hashrate” measures the total computing power securing a Proof-of-Work blockchain like Bitcoin. An increase in hashrate signifies more computational resources devoted to the network, enhancing security, while a decrease indicates reduced participation and security.
On January 3rd, the hashrate briefly surpassed 1,000 exahashes per second (EH/s) but has since retraced to approximately 783.02 EH/s. This peak is nearly double the hashrate from January 2024, which was around 510 EH/s.
Historically, there is a positive correlation between hashrate and Bitcoin price, as seen during the bull cycles of 2017 and 2021. A higher hashrate suggests strong network fundamentals, potentially improving sentiment and contributing to long-term price growth.
Currently, the price of Bitcoin is around $98,264, marking an almost 2% increase in the last 24 hours and nearly 5% over the past week.
US Mining Pools Now Account For 40% Of Global Hashrate: Report
A report reveals that the United States represented over 40% of Bitcoin's global hashrate by the end of 2024. Two US-based mining pools, Foundry USA and MARA Pool, were responsible for over 38.5% of all blocks mined.
Foundry USA's hashrate increased from 157 EH/s at the start of 2024 to approximately 280 EH/s by December, making it the largest mining pool. MARA Pool contributes about 4.35% of global hash power.
Despite significant growth in US BTC mining, China-based mining pools still dominate, controlling 55% of the global hashrate as of September 2024, despite a ban on crypto in the country.
