{"id":569478,"date":"2024-01-14T11:00:32","date_gmt":"2024-01-14T11:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=569478"},"modified":"2024-01-14T10:53:51","modified_gmt":"2024-01-14T10:53:51","slug":"bitcoin-hashrate-hits-new-all-time-high-amid-spot-etf-frenzy","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-hashrate-hits-new-all-time-high-amid-spot-etf-frenzy\/","title":{"rendered":"Bitcoin Hashrate Hits New All-Time High Amid Spot ETF Frenzy"},"content":{"rendered":"

Bitcoin’s hash rate, that is the network’s computing power, recently reached a new all-time high amidst the frenzy that came with the <\/span>debut of spot Bitcoin ETFs<\/span><\/a> in the US. According to data from <\/span>IntoTheBlock<\/span><\/a>, the Bitcoin hashrate reached an all-time high of 630.91 million TH\/s or 630 EH\/s on January 11, less than 24 hours after the U.S. Securities and Exchange Commission approved 11 Spot Bitcoin ETFs in the country.<\/span><\/p>\n

\n

Bitcoin’s hash rate hit a new all-time high yesterday
\n\ud83d\udd17https:\/\/t.co\/bkdHCcEXFk<\/a> pic.twitter.com\/Mn3GxyDp6d<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) January 12, 2024<\/a><\/p><\/blockquote>\n

Related Reading: ETF Frenzy: Bitcoin Takes A Dip, Ethereum Goes Hot And The Next Crypto Chapter<\/a><\/div>\n

Bitcoin Hashrate Reaches Record Highs<\/b><\/h2>\n

The hashrate measures the total combined computational power used to mine new bitcoins and process transactions. The Bitcoin mining hashrate has been on a steady rise since 2021 irrespective of market sentiment, be it bullish or bearish, cementing Bitcoin as the most secure cryptocurrency network. Based on the information provided by Coinwarz, the hashrate started 2023 at 266 EH\/s and ended the year at 598 EH\/s, a 125% growth.\u00a0<\/span><\/p>\n

The hashrate spiked further to an all-time high of 630 EH\/s on January 11, and the timing was no coincidence. The surge in hashrate came right after the SEC approved the first US Bitcoin Spot ETFs to open the doors for mainstream investors to invest in the top crypto without actually owning the asset.<\/span><\/p>\n

https:\/\/x.com\/intotheblock\/status\/06956323?s=20<\/span><\/a>\u00a0<\/span><\/p>\n

\n

Bitcoin’s hash rate hit a new all-time high yesterday
\n\ud83d\udd17https:\/\/t.co\/bkdHCcEXFk<\/a> pic.twitter.com\/Mn3GxyDp6d<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) January 12, 2024<\/a><\/p><\/blockquote>\n

As expected, the approval of these ETFs led to a frenzy of activities in Bitcoin, pushing its <\/span>on-chain volume<\/span><\/a> to its highest since the collapse of crypto exchange FTX. Consequently, the hashrate also increased, indicating miners are ramping up operations in anticipation of increased interest and trading volume that often follows the launch of new ETFs.<\/span><\/p>\n

BTCUSD currently trading at $42,984 on the daily chart: TradingView.com<\/a><\/pre>\n
BTC Price And Mining Profitability Fall<\/b><\/h2>\n
The approval of spot ETFs is a sign of mainstream acceptance that strengthens Bitcoin\u2019s credibility. Despite the increase in trading volume and growth of the network, Bitcoin’s price seems to have deviated from this positive trend. The crypto’s price initially reacted positively to the approval of the spot ETFs, <\/span>pushing it over<\/span><\/a> $48,600, its highest point since April 2022. In a dramatic turn of events, this spike has since reversed, to give the notion of a “<\/span>sell the news event.”\u00a0<\/span><\/a><\/p>\n
Related Reading: Ethereum Eclipses Bitcoin In A Crypto Coup: Has The King Been Dethroned?<\/a><\/div>\n
At the time of writing, <\/span>Bitcoin has retraced<\/span><\/a> 11% from this local high and is trading just above $43,000. Trading volume has also fallen by 62% in the past 24 hours.<\/span><\/p>\n
Bitcoin mining profitability, which saw steady growth in December has failed to react positively to the approval of spot ETFs. According to data from <\/span>Hashrateindex<\/span><\/a>, the drop in Bitcoin prices led to mining profitability falling to as low as $0.07958 per terahash\/second per day on January 13th, a 22% decline from $0.10270 per terahash\/second per day on January 1.\u00a0<\/span><\/p>\n
Featured image from iStock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin’s hash rate, that is the network’s computing power, recently reached a new all-time high amidst the frenzy that came with the debut of spot Bitcoin ETFs in the US. According to data from IntoTheBlock, the Bitcoin hashrate reached an all-time high of 630.91 million TH\/s or 630 EH\/s on January 11, less than 24 hours after the U.S. Securities and Exchange Commission approved 11 Spot Bitcoin ETFs in the country. Bitcoin’s hash rate hit a new all-time high yesterday \ud83d\udd17https:\/\/t.co\/bkdHCcEXFk pic.twitter.com\/Mn3GxyDp6d \u2014 IntoTheBlock (@intotheblock) January 12, 2024 Related Reading: ETF Frenzy: Bitcoin Takes A Dip, Ethereum Goes Hot And The Next Crypto Chapter Bitcoin Hashrate Reaches Record Highs The hashrate measures the total combined computational power used to mine new bitcoins and process transactions. The Bitcoin mining hashrate has been on a steady rise since 2021 irrespective of market sentiment, be it bullish or bearish, cementing Bitcoin as the most secure cryptocurrency network. Based on the information provided by Coinwarz, the hashrate started 2023 at 266 EH\/s and ended the year at 598 EH\/s, a 125% growth.\u00a0 The hashrate spiked further to an all-time high of 630 EH\/s on January 11, and the timing was no coincidence. The surge in hashrate came right after the SEC approved the first US Bitcoin Spot ETFs to open the doors for mainstream investors to invest in the top crypto without actually owning the asset. https:\/\/x.com\/intotheblock\/status\/06956323?s=20\u00a0 Bitcoin’s hash rate hit a new all-time high yesterday \ud83d\udd17https:\/\/t.co\/bkdHCcEXFk pic.twitter.com\/Mn3GxyDp6d \u2014 IntoTheBlock (@intotheblock) January 12, 2024 As expected, the approval of these ETFs led to a frenzy of activities in Bitcoin, pushing its on-chain volume to its highest since the collapse of crypto exchange FTX. Consequently, the hashrate also increased, indicating miners are ramping up operations in anticipation of increased interest and trading volume that often follows the launch of new ETFs. BTCUSD currently trading at $42,984 on the daily chart: TradingView.com BTC Price And Mining Profitability Fall The approval of spot ETFs is a sign of mainstream acceptance that strengthens Bitcoin\u2019s credibility. Despite the increase in trading volume and growth of the network, Bitcoin’s price seems to have deviated from this positive trend. The crypto’s price initially reacted positively to the approval of the spot ETFs, pushing it over $48,600, its highest point since April 2022. In a dramatic turn of events, this spike has since reversed, to give the notion of a “sell the news event.”\u00a0 Related Reading: Ethereum Eclipses Bitcoin In A Crypto Coup: Has The King Been Dethroned? At the time of writing, Bitcoin has retraced 11% from this local high and is trading just above $43,000. Trading volume has also fallen by 62% in the past 24 hours. Bitcoin mining profitability, which saw steady growth in December has failed to react positively to the approval of spot ETFs. According to data from Hashrateindex, the drop in Bitcoin prices led to mining profitability falling to as low as $0.07958 per terahash\/second per day on January 13th, a 22% decline from $0.10270 per terahash\/second per day on January 1.\u00a0 Featured image from iStock<\/p>\n","protected":false},"author":594,"featured_media":569481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,55860,679,1119,1144,6664],"class_list":["post-569478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-hashrate","tag-bitcoin-price","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Hashrate Hits New All-Time Amid Spot ETF Frenzy<\/title>\n<meta name=\"description\" content=\"Bitcoin's hash rate, that is the 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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