Roughly on May 12, there will be a drop in the award of BTC miners or the so-called halving.
In anticipation of this event, the amount of computing power used to extract cryptocurrency has approached 150 exams per second (EH/s).
In early March, this figure reached 125 EH/s, however, after the cost of bitcoin fell to an annual minimum, miners began to massively withdraw from bitcoin mining. Soon, the cost of BTC recovered, and the miners began to turn on their equipment again.
At the end of last week, the hashrate reached a record of just below 150 EH/s.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
Analysts associate the surge in activity of miners not only with the halving itself but also with the entry into the work of Chinese mining enterprises, which again begin to mine BTC after lifting restrictions due to coronavirus.
Since the beginning of 2020, the hashrate of the Bitcoin network has grown by about 50%.
Some researchers believe that an increase in hashrate may lead to further strengthening of the BTC rate. One of the supporters of this point of view, Charles Edwards draws attention to the fact that in parallel we are witnessing the expansion of the Bitcoin ecosystem.
Trending: CoinShares: Bitcoin funds raised $8.8 million in a week
The number of active addresses in the BTC network has already exceeded 840,000. Every day, about 17,000 users of the Bitcoin platform make transactions.
A similar trend was observed last spring before the famous June rally when the cryptocurrency jumped from $4,000 to $14,000.