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The Bitcoin network sees a 380% increase in hash rate since the start of the current cycle

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Quick take

The Bitcoin network has recently seen a significant increase in its scaling difficulty and hash rate, as reported by CryptoSlate.

A notable 8% increase in difficulty adjustment, the highest in 12 months, pushed it to an all-time high of 81.73T, according to Coinwarz data. Meanwhile, the network’s hash rate – measured on a 14-day moving average – also hit an all-time high, reaching 583 eh/s.

Hash rate and difficulty: (Source: Glassnode)
Hash rate and difficulty: (Source: Glassnode)

Such increases are not uncommon as we move closer to a Bitcoin halving event scheduled for April 2024. Analysis reveals that the network’s hash rate typically sees increased growth over the next 4 to 6 months preceding a halving.

Glassnode’s data on hash rate growth at the start of each Bitcoin halving is recalibrated to a standardized benchmark of 100%. This standardization allows for accurate tracking of the growth that occurs throughout each halving period.

Since the start of the current halving period, the hash rate has seen an impressive growth of 380%. However, it is worth noting that growth declines with each cycle compared to the 8,000% growth seen in the 2016-2020 cycle.

This growth could be attributed to miners rushing to benefit from the current block reward of 6.25 BTC ahead of the halving event in April, which will be reduced to 3.125 BTC.

Hashrate growth: (Source: Glassnode)
Hashrate growth: (Source: Glassnode)

The post Bitcoin Network Sees 380% Increase in Hash Rate Since Current Cycle Started appeared first on CryptoSlate.

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