Bitcoin’s average hash rate, which represents the computing power of all miners on the network, has been steadily increasing over the past year and is expected to see a significant increase in 2024. After the halving, Bitcoin’s hash rate has stabilized above the 650 EH/s level. This trend shows that miners are continuing to invest in this area and are likely waiting for the Bitcoin price to rise. The continued growth of the hash rate, even amid market volatility, could be a sign that miners are confident in the long-term rise of the Bitcoin price. An analysis of past cycles shows that an increase in Bitcoin’s hash rate is often a harbinger of a bull market for this digital currency.
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