Bitcoin hash rate nears record 200EH/s as 100K BTC turns ‘illiquid’ every month

Bitcoin (BTC), which is set to reach a new record in one key area, has already been won by major mining pools.

MiningPolStats data shows that the Bitcoin network hashrate is at its absolute highest level since Dec. 20.

The specter China is vanquished by Hash Rate

Despite the drop in price from $69,000 to $69,000, the hash rate is still high and computing power from known pools remains at an all-time high.

The hash rate is the computing power used to mine Bitcoin. While it’s impossible to quantify exactly, most estimates agree that Bitcoin is more attractive for miners and thus more secure than ever before.

The pool hash rate was 182.4 exahashes per seconds (EH/s) last week. The total hash rate was 188.9 EH/s.

MiningPoolStats reports that the former was highest once before, at 209.3 EH/s in May just before the China miner crisis. However, known pools have never been more busy.

The hash rate has been fully recovered from the Chinese crackdown and is stronger than ever before in Bitcoin’s history.

Chart of the Bitcoin hash rate. Source: MiningPoolStats

This winter, BTC supplies ices

Cointelegraph reported that there is little demand to sell Bitcoin at the current price levels, as hodlers and miners alike try to get rid of excess supply.

Related: Bitcoin keeps off Santa rally, as fund forecasts new year’s’short squeeze.

Glassnode, an on-chain analytics company, confirmed this trend on December 23, showing that 100,000 BTC per month is the current amount of BTC supply moving from a “liquid state” to “illiquid”.

The #Bitcoin supply has been moving from a Liquid to Illiquid state at a rate 100k $BTC/month. Illiquid coins are coins that have not been spent before. They are often associated with bull market buyers and investor accumulation. Live Chart:
— glassnode (@glassnode), December 21, 2021

Glassnode shows that the China upheavals triggered the accumulation phase. Additional numbers show a positive effect on price action due to illiquid supply movements.