Will the Bitcoin price follow the cryptocurrency’s hash rate?
provided by cryptocurrency analytics company CryptoQuant, Bitcoin hashrate keeps hitting new record highs as measured by its 30-day exponential moving average .
This means that the network has reached its peak security despite the fact that the price of the leading cryptocurrency has been steadily declining in 2022. The growing hashrate makes it much harder for bad actors to perform a 51% attack in order to violate its technology and perform a blockchain reorganization. a 51% attack for just an hour currently stands at $772,364, according to data provided by crypto51.app. As reported by U.Today, Bitcoin’s mining difficulty also recently reached a new high, putting additional pressure on struggling miners who are seeing dwindling profits.