Bitcoin hash rate and difficulty nears all time highs

After its third upward difficulty adjustment in a row, Bitcoin difficulty level is approaching its all time high. Hashrate rate is up as much as 25% since its post-Black Thursday lows following Bitcoin’s recent price recovery. Bitcoin has recovered all its Black Thursday losses and is now up 23% on the year.

Why it matters:

• Hashrate follows price. The recent price recovery over the past month along with a reduction in difficulty has caused mining profitability to increase, calling more hash rate to the Bitcoin network.
• Bitcoin will undergo its third halving in just under a week, where mining revenue will drop 50% overnight. Many miners are in the process of upgrading their machines in pursuit of profitability post-halving.