Bitcoin Mining: If the Network Is Thriving, So Is the Price
How safe is Bitcoin? This question is becoming increasingly relevant in the era of exponential technological progress.
How safe is Bitcoin? This question is becoming increasingly relevant in the era of exponential technological progress. Whether it's AI or quantum computers, Bitcoin must arm itself against growing threats. A key measure of the network's safety is the hashrate.
The hashrate is the total number of hash calculations per second across the network. This results in a figure with so many zeros that we talk in the exa-range, which is 10^18. To be precise, according to Glassnode the Bitcoin hashrate at the time of writing was 767 exahashes per second (EH/s).
BTC Mining: Growing Trend
What matters more is not so much the astronomical level of this number, but how it develops over time. When the hashrate grows, that’s a sign of Bitcoin health: miners investing in hardware for expected profits, which makes certain attack scenarios on BTC less likely. With an eye on the hashrate, you can say the network is thriving right now. Over a year, the cumulative computing power in the network has grown by 36 percent—despite the latest Bitcoin Halving that took place in April 2024.
After the block reward halving, miners saw temporarily big profit drops, but that’s since been offset by Bitcoin’s price rise in recent months.
Where do BTC miners stand?
According to data from Theminermag, by the end of 2024 nearly 40 percent of the hashrate added by mining pools came from Foundry USA and MARA Pool in the U.S. With Donald Trump now in the presidency, there’s someone actively backing the crypto industry.
