Bitcoin hash rate hits all-time highs to start 2020

As the halving nears in May 2020, Bitcoin’s hash rate, based on a seven day rolling average, has reached all time highs of 106 EH/s. Bitcoin’s hash rate has risen substantially since the beginning of 2019 where it started the year around 40 EH/s. The sharp upward reversal from 2018 corresponded with Bitcoin’s price rising from just under $4,000 to nearly $13,000 at it’s 2019 peak in June.

Why it matters:

• The miner capitulation at the end of 2018 looks like a blip on the chart as hash rate has soared over the past year. Between price recovery and anticipation of the upcoming Bitcoin halving miners appear to be boosting capacity.
• Over the past few months we have seen numerous mining related announcements including plans to build some of the largest mining facilities in the world. The U.S. has emerged as a premier destination for such plans.