“We trust Bitcoin,” say miners, who are not bothered by the current market.
Bitcoin price has dropped USD 2,000 in the past few days. However, the network’s hash rate has hit a new all-time high, surpassing 150 EH / s for the first time in its history.
Bitcoin hash rate. Source: Glass knot.
The hash rate is a key indicator for determining the state of the Bitcoin network (BTC). Represents the amount of global hash power used to mine the coin, and It can also be interpreted as the amount of energy that protects the network from possible attacks of 51%.
Miners are some of the biggest players in the Bitcoin ecosystem. and the continued allocation of resources despite recent price volatility could be a positive long-term indicator. Although it should be noted that business planning in industrial mining encompasses medium to long-term time horizons and is generally not affected by short-term price fluctuations.
Overall economic uncertainty can be another factor forcing more companies and individuals to dedicate more resources to mining Bitcoin. An activity that is often seen as a hedge against traditional markets.