Network hashrate rises to a new all-time high as miners remain bullish about Bitcoin price

Network hashrate reached 135.2 exahashes per second on September 14, marking a new all-time high for the seven-day average, according to Blockchain.com. On September 6, miners were contributing 122.9 EH/s to the network. The 30-day average has climbed to 126.3 EH/s, another record. When miners add computational power, they bet on Bitcoin climbing. A more secure network encourages developers to build applications. Users trust and transact on well-secured networks. More developer work and user activity attracts additional miners, pushing the total power higher.

But the price chart tells another story. Development activity fell this week after spiking in early September, while on-chain metrics deteriorated during the pullback. Contrarian signals emerged at the same time. The number of addresses holding 1 bitcoin reached an all-time high, per Santiment analytics. Address activity slowed, yet Bitcoin held its uptrend. Bulls defended $10,200 and blocked a drop to $9,700, the level of an unfilled CME gap. On Sunday, BTC/USD broke above $10,500 for the first time since September 5, when the price had fallen from $12,050. Buyers were ready to push higher, targeting $10,800 for the weekly close.

Mining equipment makers face acute shortages. Bitmain, Canaan, Whatsminer, and Ebang have depleted their stock of next-generation rigs. TSMC and Samsung, the chipmakers supplying 7nm and 8nm semiconductors, can't keep pace with manufacturing demand. The shortage limits miners who want to expand operations or upgrade to newer equipment.