Bitcoin Hash Rate Hits Record Average High With $12K Price in Sight
Bitcoinâ€™s seven-day average hash rate passes 129 EH/s for the first time as the price continues to meet resistance at the $12K level.
As the price of Bitcoin continues to meet resistance passing $12,000, its hash rate has hit a new all-time high.
Data from Blockchain.com confirms that on Aug. 15, Bitcoinâ€™s seven-day average hash rate reached a new peak of 129.075 EH/s. The achievement comes after two weeks of fairly stagnant hash rate growth, with the previous record set on July 28.Â
Bitcoin 7-day average hash rate. Source: Blockchain
The hash rate is an estimate of how much computing power miners are devoting to processing Bitcoin (BTC) transactions. A higher average suggests that miners have more faith in profitability, so there is generally a strong correlation between hashrate and price.
Bitcoin surged past $12,000 twice in August before falling back into the same mid-$11,000 range. The BTC price continues to meet resistance at the $12,000 level, staying between $11,700-$11,900 range over the weekend.Â
Gold and Bitcoin correlationÂ
Bitcoin and gold may prove to have a stronger correlation in 2020 as many investors turn away from traditional finance during the Federal Reserveâ€™s and other central banksâ€™ response to the pandemic.Â
The price of gold recently passed $2,000 per ounce as Bitcoin may be in the early stages of its own bull run. Bitcoin investor Max Keiser said that billionaire Warren Buffettâ€™s recent investment in gold could even push the price of BTC to $50,000.
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