$BTC The Bitcoin blockchain (Bitcoin-BTC) has achieved a new milestone with the hash rate reaching an unprecedented level of 1.046 zettahashes per second, representing the strongest security level in the 16-year history of the digital currency.
This achievement comes at a time when approximately 93.3% of the total Bitcoin supply of 21 million BTC has been mined, leaving only 1.4 million BTC to be mined over the next century given the 'halving' mechanism that reduces mining rewards every four years. The timing is particularly important as 126 public companies currently hold Bitcoin in their treasuries, collectively retaining 819,857 BTC, or 3.9% of the total supply.
At the same time, mining difficulty has increased by 6.81% to reach an all-time high of 121.51 trillion, creating a highly competitive environment that has pushed many miners to sell large amounts of their holdings to cope with the economic pressures following the recent halving.
Furthermore, corporate adoption of Bitcoin has accelerated significantly, as companies like Mercurity Fintech have raised nearly $800 million in Bitcoin treasury reserves.
Mining economics are under pressure despite the strength of the network.
The mathematical precision of the Bitcoin supply curve shows a unique strategy of scarcity that intensifies with each halving; the halving in April 2024 reduced block rewards from 6.25 to 3.125 bitcoins, forcing miners to compete for rewards that are continually decreasing, while the hash rate continues to rise.
This 'programmed scarcity' is exacerbated by the fact that between 3-3.8 million BTC - about 14-18% of its total supply - have been permanently lost due to forgotten passwords, hard drive failures, or inactive addresses, including Satoshi Nakamoto's wallet which contains over 1.1 million BTC.
This combination of limited supply, permanently lost coins, and the continuous decrease in Bitcoin issuance describes what analysts refer to as 'increasing scarcity'; the circulating supply may be closer to 16-17 million BTC instead of 21 million, unlike traditional assets like gold that can be fully recovered and reused. On the other hand, mining revenues in March 2025 fell to $1.2 billion, a decline of 50% compared to the previous year, and the hash price has dropped since early March to only $44.20 per petahash per second, a decrease of over 11%.
The decline in revenues has led to a radical shift in the behavior of mining companies, with 15 public mining companies liquidating more than 40% of newly issued Bitcoin in March alone, yet the Bitcoin blockchain has maintained its strength despite this selling pressure.
It is worth noting that this phenomenon occurs due to the self-correcting mechanism in the Bitcoin blockchain, where mining difficulty is adjusted every 2,016 blocks to maintain the block production time at 10 minutes, regardless of the level of mining participation; this mechanism helps ensure the continuity of the network even if inefficient miners withdraw.
Technical analysis indicates upward momentum despite short-term volatility.
Technical analysis across multiple time frames reveals that Bitcoin is poised to continue its upward trajectory despite its current price stabilizing around $106,927.
The hash rate chart over the past three years shows a clear relationship between network security and price increases, with both price and hash rate experiencing a simultaneous recovery from their lows during the crypto winter at $20,000 and 200-300 billion hashes per second to current levels exceeding $106,000 and 890 billion hashes per second. The enormous growth in hash rate during 2024 and early 2025 coincided with Bitcoin's price trending towards $100,000, creating a positive feedback loop where increased computing power enhances network security and investor confidence simultaneously.
Short-term technical analysis also confirms Bitcoin's relative stability within a positive range, with key resistance levels at $108,026, $110,321, and $111,870, while the 25-candle Exponential Moving Average indicator at $107,935 provides a moving support level.
Trading volume analysis reveals strong accumulation areas, with the largest trading volume recorded in the $105,000-$107,000 range, proving that this area has strong value. Moreover, the profitability indicator - which shows a ratio of 60.92% - also indicates that the majority of new buyers are making profits, a condition that often precedes a continuation of the upward movement or a healthy period of relative stability.
It appears that the downward trend line - which acts as a moving resistance level - has begun to lose momentum, which typically indicates the onset of upward momentum, in addition to the price rising above Fibonacci extension levels and forming golden crosses of short-term movement indicators over their long-term counterparts. Therefore, the technical outlook initially supports expectations of reaching $111,870. If the price rises above this resistance level, it could trend towards $115,000-$120,000 in the near term, provided that the Bitcoin price maintains support above the $105,000-$107,000 area.
The hash rate of the Bitcoin blockchain reaches its all-time high. Will this currency witness a significant upward wave soon?
