The Bitcoin network is celebrating its 13th anniversary, and the leading cryptocurrency hit a new milestone a few months after China’s ban on mining activities. However, Bitcoin’s price continues to underperform.
Bitcoin’s Mining Hash Rates Hits an All-Time High
The mining hash rate of the leading cryptocurrency reached a new all-time high of 208 million terahashes per second. According to the data obtained from Glassnode, the latest hash rate surpassed the previous all-time high of 198.5 million terahashes per second, which was recorded on April 15, 2021.
The previous all-time high was achieved when cryptocurrency mining was still allowed in China. However, mining activities have been banned in the Asian country for a while now, and miners have relocated to other countries with favorable mining regulations.
Hash rate is the computing power attributed to a network at a point in time. When a transaction is verified, it is recorded on the blockchain as part of a block. Hashing a block ensures that the recorded transactions are valid.
This latest development comes as the Bitcoin network celebrates its 13th anniversary. The Bitcoin network went live on January 3, 2009.
Bitcoin’s hash rate sets a new all-time high barely seven months after China’s crackdown on cryptocurrency mining activities. Several provinces, including Sichuan, banned cryptocurrency mining activities, forcing miners to move to North America, Europe, and other parts of Asia.
Bitcoin Still Trading Below $50k
Bitcoin’s latest milestone wasn’t enough to push the cryptocurrency’s price higher. At press time, BTC is trading at $46,900 per coin, down by 0.96% over the past 24 hours. The technical indicators also show that BTC’s bearish momentum is not over.
BTC is trading below its 50-day moving average of $51,600. At press time, Bitcoin’s MACD line is still below the neutral zone. Bitcoin’s MACD line has been stuck in the negative zone over the past few weeks as the broader cryptocurrency continues to underperform.
The RSI of 41 shows that Bitcoin is facing selling pressure at the moment. If the current market condition remains unchanged, BTC’s value could drop below the $45k support level over the coming hours.