Bitcoin (BTC) is about to reach a new all-time high in terms of a decisive parameter, and large mining pools have probably already captured the title.
The data from the MiningPoolStats monitoring resource show that, on December 20, The hash rate of the Bitcoin network is practically at its highest level ever.
Hash rate defeats the specter of China
Despite the $ 69,000 price correction, the hash rate continues to rise, and the sum of computing power from known pools is at an all-time high.
Hash rate refers to the computational power dedicated to mining, and while impossible to measure exactly, estimates agree that Bitcoin is more attractive than ever to miners, and therefore more secure.
This week, the hash rate of the known pools reached 182.4 exahash per second (EH / s), with the total hash rate equal to 188.9 EH / s.
According to MiningPoolStats, the metric has shown a higher figure just once before, hitting 209.3 EH / s in early May, just before the crackdown in China. Popular pools, on the other hand, have never been so busy.
Hence, the hash rate just isn’t there fully recovered from the ban in China, but it is now stronger than any other time in Bitcoin history.
BTC supply freezes over the winter
As Cointelegraph reported, it appears that few are interested in selling BTC at current prices, while both miners and HODLers accumulate the available supply.
Related: Bitcoin suspends the Santa rally as a fund predicts an imminent ‘short squeeze’
On December 23, data from on-chain analytics firm Glassnode confirmed the trend, showing that the amount of BTC supply going from “liquid” to “illiquid” now amounts to 100,000 BTC per month:
“Bitcoin supply is going from liquid to illiquid at a rate of 100,000 BTC per month. Illiquid coins are those sent to an address with little spending activity, generally associated with accumulation by investors and buyers in the bull market. “
#Bitcoin supply is moving from a Liquid, to Illiquid state at a rate of 100k $ BTC per mth.
Illiquid coins are those sent to an address with little history of spending, generally associated with investor accumulation, and bull market buyers.
Live Chart: https://t.co/08CRwqLMpx pic.twitter.com/3iqTylLPYJ
— glassnode (@glassnode) December 21, 2021
The build-up phase began thanks to the turmoil caused by China, Glassnode points out. Additional data highlight a positive impact on the price action resulting from the movements of the illiquid offer.
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