š $BTC Mining Power Hits Record High! Will BTC Break $100K Soon? š°
Bitcoin's hashrateāthe total computing power securing the networkāhas reached unprecedented levels, signaling robust strength in the cryptocurrency market.
What is Hashrate, and Why Does It Matter?
The hashrate measures the computational power used to process transactions and secure the $BTC network. A higher hashrate indicates a more secure and resilient network, as more miners are participating in validating transactions.
On January 3, 2025, Bitcoin's hashrate surpassed 1,000 exahashes per second (EH/s), setting a new record before stabilizing around 783.02 EH/s. This marks a significant increase from approximately 510 EH/s in January 2024, reflecting substantial growth over the past year.
Bitcoin Price Nears $100,000 Milestone
Historically, increases in hashrate have often preceded Bitcoin price surges, as observed during bull runs in 2017 and 2021. Currently, Bitcoin is trading around $98,264, showing a 2% rise in the past 24 hours and nearly 5% over the past week. With the $100,000 milestone within reach, investor excitement is building.
Global Mining Landscape
The United States has emerged as a significant player in Bitcoin mining, contributing over 40% of the world's mining power. Major mining pools like Foundry USA and MARA Pool dominate the U.S. scene, with Foundry USA nearly doubling its hashrate in 2024 to 280 EH/s, becoming the largest mining pool globally.
Despite strict crypto regulations, Chinese mining pools still control 55% of the global hashrate, maintaining a dominant position in the mining ecosystem.
As $BTC 's network strength continues to grow, all eyes are on whether the cryptocurrency will surpass the $100,000 mark in the near future.
