Bitcoin Mining Hashrate 30day MA Is On Brink Of New ATH

On-chain data shows the 30-day moving average of the Bitcoin mining hashrate is close to setting a new all-time high. As pointed out by an analyst in a CryptoQuant post, the BTC mining hashrate has been moving higher in recent days. The “mining hashrate” is an indicator that measures the total amount of computing power connected to the Bitcoin network. When the value of this metric rises up, it means miners are bringing more machines online right now. Such a trend shows miners are finding the blockchain attractive currently, either because of increased profitability or due to them being bullish on it going up in the future. On the other hand, a downtrend in the indicator suggests miners are disconnecting their rigs from the network at the moment. This kind of trend hints that miners aren’t finding it that profitable to mine BTC.