Bitcoin Hash Rate Soars 661% in 2 Years: Data

• Bitcoin’s network fundamentals are at their strongest ever, as evidenced by a 661% increase in its hash rate over the last two years.
• The upcoming halving event is expected to catalyze Bitcoin’s price action.
• Miners have been deploying more and more mining machines, leading to an all-time high mining difficulty of 54 trillion.

Bitcoin Network Fundamentals Show Strength

CryptoQuant’s CEO Ki Young Ju has stated that Bitcoin network fundamentals are stronger than ever, with a 661% increase in hash rate over the last two years. This comes despite the choppy market causing headwinds for miners.

Halving Event Expected to Catalyze Price Action

The much anticipated halving event slated for next spring is expected to catalyze Bitcoin’s price action. When it happens, miners’ rewards will be cut in half – yet they remain bullish on BTC and continue selling large volumes of it at a profit.

Mining Difficulty Reaches Record High

The rising hash rate has been aided by increased interest in Ordinals, with miners deploying more and more mining machines leading to an all-time high mining difficulty of 54 trillion.

BTC Hash Rate Increases by 661%

Recent data suggests that Bitcoin’s hash rate has increased by nearly 661% in the last two year period – indicating that network fundamentals are strong and getting stronger every day.

Conclusion

With record highs being reached across various metrics such as hash rate and mining difficulty, it is clear that miners remain confident about the future prospects of Bitcoin – even amid choppy market conditions – setting the stage for further growth ahead of next spring’s halving event.