Bitcoin Hashrate Hits Three Months High
On February 7th, Bitcoin hashrate has hit over 50 quintillion hashes per second.
For once in weeks, crypto bulls have reared their ugly heads, pushing the market dramatically higher in a few hours’ time. In the past few hours, Bitcoin (BTC) moved rapidly past $3,500, $3,600, and even $3,700 at one point, with lots of buy-side pressure to match.
Interestingly, however, there have been no overt catalysts that have been reported. Thus, some claim that this move is nothing more than a «bear market rally», where assets post short-term gains to form a «bull trap or dead cat bounce», subsequently moving to lower lows.
In midday trading, one bitcoin BTCUSD, +1.11% was fetching $3,659.11, up 8.1% since Thursday’s level at 5 p.m. Eastern Time and is on track for its biggest daily gain since Dec. 28, 2018, when the cryptocurrency rose 8.5%, according to Dow Jones Market data.
The rise in hashrate translates into new miners joining the network as the mining difficulty has dropped for the first time in 2019 by about 1.5 percent at the end of January.
As Bitcoinist reported at the beginning of the year that Bitcoin mining difficulty has adjusted 10% upwards for the first time in months as the hashrate started to stabilize following November’s decline.
It is worth noting that ForkLog announced that their own Lighting node is now live and running. The setup has been completed and the node can be found at ln.forklog.com.