Contrary to the fears that many cryptocurrency enthusiasts will surrender after the split, Bitcoin (BTC) hashrate has reached a new high level. Bitcoin hashrate figures rose to an all-time high after the recent decline. Before the Bitcoin halving on May 11, many people in the community were afraid that miners would start quitting.
Instead, the Bitcoin hashrate rate rose to a level close to what was detected just before Black Thursday, when Bitcoin was experiencing a major slump and was struggling for a full recovery for a month. The BTC hashrate was 121,087 TH / s at the time of writing.
Rafael Schultze-Kraft, Glassnode CTO, recently stated that Bitcoin’s basic data is now stronger than ever. He talked about miner’s capitulation, which is expected to happen in May, and said it was far from the truth. According to Schultze-Kraft, the BTC hashrate has been growing steadily since 2009, when Bitcoin appeared. Kraft says the hashrate rate has increased more than 6,800 percent since the previous BTC halving event in 2016.