Despite the total cryptocurrency market capitalization remaining below the coveted $1 trillion mark it had surpassed in early September and the price of Bitcoin (BTC) struggling to reach the $20,000 mark, the miners of the largest crypto seem to remain unconcerned.
As it happens, the mining hash rate of the flagship digital asset reached a new all-time high of 240.208 million TH/s on October 2, based on the 7-day moving average which has recorded a steady increase over the recent weeks, as revealed by the Blockchain.com data.
Bitcoin mining hash rate based on the 7-day average. Source: Blockchain.com
Meanwhile, the BTC hash rate, which represents the computing power utilized to process transactions, began its rise in August when the price of the maiden digital asset showed indications of short-term recovery. That said, the price of Bitcoin has been struggling since, whereas its hash rate continued to climb.
Miners seeing other positive signs?
Curiously, the recent growth in Bitcoin hash rate is defying the historical trends in which it directly correlated with the decentralized finance (DeFi) asset’s price movements – dropping and increasing alongside the ebbs and flows in Bitcoin’s value.
Miners’ confidence can partially be attributed to investors abandoning fiat currencies like the euro and pound in record numbers and turning to crypto assets like Bitcoin and Ethereum (ETH) instead, leading to a three-month high in Bitcoin trading volume.
On top of that are the bullish predictions such as the one by Robert Breedlove, the founder of crypto investment firm Parallax Digital, who believes that Bitcoin stands a major chance to surpass $12 million by 2031, fuelled by the collapsing purchasing power of the dollar.
As things stand, Bitcoin is currently trading at $19,182, representing a 0.56% decline on the day, but still an improvement of 1.06% across the previous seven days.
Bitcoin 7-day price chart. Source: CoinMarketCap
At the same time, its market cap is standing at $367.68 billion, retaining Bitcoin’s position as the largest cryptocurrency by this indicator, according CoinMarketCap data retrieved by Finbold on October 3.