The latest Glassnode report focuses on the topic of the day: bitcoin mining. While bitcoin’s price has been suspiciously flat for a while, the difficulty adjustment came in and registered an all-time high. Do the miners know something we don’t? Or is there a transfer of power going on behind the scenes? Glassnode poses a working theory on their latest The Week On-Chain. To begin with, Glassnode puts the difficulty adjustment into perspective: “Bitcoin hashrate has reached a new all-time-high of 242 Exahash per second. To give an analogy for scale, this is equivalent to all 7.753 Billion people on earth, each completing a SHA-256 hash calculation approximately 30 Billion times every second.” The thing is, we’re in a bear market. The sentiment is fearful. There’s trouble brewing everywhere in the world and bitcoin has been boring for a while now. What could be the reason for a hashrate all-time high? Is it, as Glassnode theorizes, “a new dynamic as more of the hashpower is held by better capitalised publicly traded mining companies”? Or is it just the g ..
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