Bitcoin's network is at its strongest point in history. The hash rate hit 125 EH/s, a new record set 63 days after the May halving. The seven-day moving average now stands at 124.4 EH/s, eclipsing the
Bitcoin's network is at its strongest point in history. The hash rate hit 125 EH/s, a new record set 63 days after the May halving. The seven-day moving average now stands at 124.4 EH/s, eclipsing the 123.8 EH/s peak miners had reached just before the halving.
Miners adapted to the lower rewards. The rising hash rate proves it. The next difficulty adjustment will push the rate up by more than 9.5%, moving from 15.78 T to 17.29 T.
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The evidence refutes doomsayers who warned that halved rewards would trigger a "death spiral"—miners dumping hardware or defecting to other networks. That theory seemed credible when Bitcoin's hash rate dropped in the days after the May event. Bitcoin Cash and Bitcoin SV both spiked to new highs as computing power migrated toward them.
But the rebound came. Bitmain's S19 and S19 Pro miners entered the network, boosting hash rate. Miners kept their equipment running. The network never collapsed.
Bitcoin's price, though, moved differently. The cryptocurrency has stuck around $9,300, below the $10,000 resistance that multiple rallies have failed to break. Volatility has fallen to its lowest point since the previous bull market.
Historical patterns offer some cause for patience. After the 2012 and 2016 halvings, Bitcoin's price climbed in the second half of each year. Current conditions don't rule out a similar move.
Sellers and buyers are trading between $9,300 and $9,400. The price action traces a declining triangle pattern, with the lower boundary vulnerable if sellers gain control. Support sits between $8,600 and $9,000. Any move toward $9,400 will hit selling pressure.
Extended periods of consolidation have preceded sharp moves in crypto markets. The current lull may foreshadow one.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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