Bitcoin (BTC) is about to hit a new all-time high in an essential area, and the major mining pools have likely already secured the title.
Data from the monitoring resource MiningPoolStats shows that, as of December 20, the hash rate of the Bitcoin network is practically at its highest level.
Hash Rate Beats Spectrum From China
Despite the price reduction from $ 69,000, the hash rate is increasing and the share of the computing power of known pools is now at an all-time high.
The hash rate refers to the computing power dedicated to mining, and while it is impossible to measure accurately, estimates agree that Bitcoin is more attractive to miners and therefore more secure than ever.
The known pool hash rate stood at 182.4 exahashes per second (EH / s) this week, with the total hash rate at 188.9 EH / s.
According to MiningPoolStats, only once before has the latter been higher, reaching 209.3 EH / s in early May, just before the defeat of China’s mining industry. Known pools, on the other hand, have never been so busy.
As such, the hash rate not only fully recovered from the Chinese crackdown, it is now stronger than at any time in Bitcoin’s history.
BTC supply freezes during this winter
As Cointelegraph reported, there appears to be little appetite to sell BTC at current price levels as both miners and hodlers look for replacement supply.
Figures from on-chain analytics firm Glassnode confirmed the trend on December 23, showing that the amount of BTC supply going from a “liquid” state to an “illiquid” state is now 100,000 BTC per month.
#Bitcoin supply is moving from a Liquid, to Illiquid state at a rate of 100k $ BTC per mth.
Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation, and bull market buyers.
Live Chart: https://t.co/08CRwqLMpx pic.twitter.com/3iqTylLPYJ
– glassnode (@glassnode) December 21, 2021
The supply of Bitcoin is moving from a liquid state to an illiquid state at a rate of $ 100,000 BTC per month.
Illiquid currencies are those sent to an address with little history of spending, usually associated with the accumulation of bull market investors and buyers.
The accumulation phase began thanks to the shock caused by China, shows Glassnode. Other numbers stand out a positive impact on price action resulting from illiquid supply movements.
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