- BTC mining hash rate recorded another ATH during New Year’s weekend.
- That means a vital milestone for the blockchain as it enjoys the highest security ever.
- The leading crypto has celebrated its Genesis Block’s 13th Anniversary.
Bitcoin saw its mining hash rate hitting an ATH during the weekend before the world’s first and largest crypto enjoyed its 13th Anniversary since creation. Remember, an anonymous group or individual called Satoshi Nakamoto launched Bitcoin on 3 January 2009.
BTC Ecosystem Achieves Significant Milestone
Bitcoin network now boasts the highest security eve as the blockchain’s hash rate touched a new ATH of 209.97 on 2 January. Nevertheless, what is the hash rate? Well, it’s an indicator showing the overall computational power utilized by miners to mine and complete transactions. Miners compete to validate blocks in the BTC blockchain.
Increased hash rate translates to heightened security as more computing power is necessary to attack the network. Also, it highlights the ecosystem is performing quicker. Moreover, it indicated more miners connected to the platform, translating to higher crypto decentralization.
The new ATH in hash rate presents a noteworthy milestone as it indicates a lucrative recovery following China’s clampdown on crypto mining in 2021 June. The Chinese impact saw BTC’s hash rate sliding towards 61 exahashes every second. However, Bitcoin’s hash rate has maintained a constant surge since then, increasing by almost 200% since 2021 July.
Bitcoin miners relocated to regions with a crypto-friendly environment after China’s clampdown. Kazakhstan and the US housed many migrating mining operators.
BTC Price to Recover as Hash-Rate Surges
Analysts consider hash rate as bullish sentiment in Bitcoin. Meanwhile, the 72-hour chart shows Bitcoin testing the ascending triangle pattern’s lower boundary at $46,101 as support. Nevertheless, the prevailing chart formation indicates a bullish prediction for BTC price. However, the token will encounter resistance around the 100 3-day SMA at $48,777, corresponding with a 50% retracement zone.
More hurdles will emerge at 50 3-day Simple Moving Average around $52,719, then 21 3-day SMA near $53,476, the level intersecting with 61.8% FIB retracement zone. Surged selling momentum will see Bitcoin securing support at 38.2% FIB retracement of $44,078.