On-chain data shows the Bitcoin mining Hashrate has seen a notable jump since the mid-March lows, a sign that miners have been coming back.
Bitcoin Hashrate Has Retraced Much Of The Earlier Decline
Interestingly, this drop in the metric came alongside a recovery surge in BTC’s spot price. Often, miners tend to follow the cryptocurrency’s value as their revenue directly correlates with it. This time, however, the two showed a divergence.
Today, the 7-day average value of the Hashrate is sitting at 1,036.6 EH/s, which is about 12.5% up from the low seen earlier in the month. The metric is still not quite back at the 1,083.9 EH/s top from March 1st, but if the recent trajectory continues, it’s possible that a full recovery could happen.
It only remains to be seen, though, how the Hashrate will develop in the near future, considering the consolidation phase that Bitcoin has been stuck in during the war uncertainty and miners making a push toward AI.
As displayed in the above graph, the US Bitcoin spot ETFs saw net inflows for four straight weeks before the latest one, implying demand was pouring into the cryptocurrency via these funds. Last week, however, the trend reversed as over $296 million in capital left the vehicles instead.
BTC PriceAt the time of writing, Bitcoin is trading around $67,600, down nearly 5% over the past week.
