Bitcoin mining rate hits all-time high amid record-breaking prediction for 2024
Buy bitcoin six months before a halving has historically been a good trading strategy,’ one analyst notes. ‘The next halving is April 2024
Bitcoin is trading at its highest level in more than 18 months, with its price up more than 100 per cent since the start of 2023.
The rally has pushed bitcoin’s market cap above $700 billion and the overall crypto market close to $1.5 trillion. The figure is still a long way from its all-time high of around $3 trillion, which was reached at the end of 2021, however some crypto analysts believe the recent gains are the beginning of another record-breaking run.
Bitcoin’s hash rate – which denotes how much computing power is required to verify transactions and generate new units of the cryptocurrency through a process called mining – hit a record high this week, according to data from Blockchain.com.
This signals a resilient network, with hopes of future price gains attracting an increasing number of miners. Recent reports have revealed significant investment in cryptocurrency mining from both state-backed and commercial ventures.
