Summary
- Bitcoin mining hash rate hit a new ATH.
- CryptoQuant predicts potential price stability.
Bitcoin mining hash rate hit a new ATH, and CryptoQuant analysts believe a new record could help with the digital asset’s price stability.
According to a post on X on July 31, CryptoQuant head of research, Julio Moreno, said that the Bitcoin network hash rate is less than 2% from another new ATH. Miners were expanding as prices saw a recovery, according to his post.
Bitcoin miner hash rate seemed to make a comeback as the crypto’s price recovered on Monday to more than $69,000, before seeing a correction.
The Bitcoin hash rate recovered since July 9, which CryptoQuant’s analysts have linked to sustained price levels.
They noted that hash rate drawdown from ATHs was only 3% compared with 8% on July 9, and hash rate recovery is usually associated with a sustained rally in Bitcoin’s prices.
According to the market report of CryptoQuant, miners have increased hash rate as they are now being fairly paid after the price rally that we saw at the beginning of this week.
This is reportedly in contrast with miners being extremely underpaid since April, since the fourth Bitcoin halving. As miners are fairly paid, there could be less Bitcoin selling pressure from them, according to the same report.
According to The Block’s Data dashboard, the mining hash rate hit an ATH on Monday at 667 EH/s.
Bitcoin Magazine also noted that Bitcoin’s hash rate reached a new ATH, reflecting greater security and fundamentals, hinting at Trump’s speech as a potential catalyst.
Bitcoin Miner Transfers Cool Down
According to the same analysts, Bitcoin transferred out of miners’ wallets has cooled down, and now large miners are accumulating.
Analysts said that daily Bitcoin miner outflows have remained between around 5,000 BTC and 10,000 BTC in July, compared to 10,000 BTC and 20,000 BTC in early March when BTC first reached $70,000. The outflows are lower than the spikes seen in April-May, following the halving event.
Regarding Bitcoin‘s price today, at the moment of writing this article, the coin is trading at a little under $65,000.