Bitcoin seven-day average hashrate passes 129 EH/s for first time as price continues to meet resistance at the $12.000

According to Blockchain.com, as Bitcoin price continues to meet resistance across $ 12,000, the hashrate hit a new all-time high at 129.075 EH/s. This is a new high after two weeks of rather stagnant hashrate growth, with the previous record being set on July 28.


Bitcoin 7-day average hashrate | Source: Blockchain

Bitcoin seven-day average hashrate reached a new peak of 129.075 EH/s

The hashrate is an estimate of how much computing power miners are devoting to processing Bitcoin transactions. The higher average indicates that miners have more confidence in profitability, so there is generally a close correlation between hashrate and price.

Bitcoin surged past $ 12,000 twice in August before falling back to the same $ 11,000 range. BTC price continues to meet resistance at $ 12,000, which stays in the $ 11,700 – $ 11,900 range over the weekend.

Bitcoin and gold may prove a stronger correlation in 2020 as more investors turn their backs on traditional finance in response to the Federal Reserve and other central banks to the pandemic.

Gold price recently crossed the $ 2,000/ounce mark as Bitcoin may be in the early stages of its own bull run. Bitcoin investor Max Keizer thinks billionaire Warren Buffett’s recent investment in gold could even push the price of BTC to $ 50,000.

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