The demand for the Bitcoin network is starting to increase, and the rise in crypto prices is seen as the likely reason behind this sudden rise.
This led to a huge increase in the transaction fees of the cryptocurrency, thereby reaching the annual peaks determined just after the block rewards halving happened in May.
The hash rate of Bitcoin has not dropped yet and is still at all-time highs. High prices along with strong prices make BTC mining more and more profitable, suggesting that the hash rate is ready to see more growth in the near term.
Hash Rate and Transaction Value Increase
The long-term consolidation phase of Bitcoin in the region under the $ 9,000 eventually gave the indicator digital asset a strong momentum that raised its price to $ 11,400 on Monday.
From this point on, BTC is consolidated in the region under $ 11,000.
This has caused the cryptocurrency to form a clearly rising technical structure, many analysts are now eagerly awaiting the coming days.
Bitcoin’s price is not the only thing that seems strong, but its network is also growing stronger.
Currently, the hash rate of BTC is just below the all-time highs of 126 million terahash (TH / s) per second seen just a few weeks ago.
The asset that has stabilized around this number will begin to climb further in the near term, possibly due to the increasing profitability of cryptocurrency mining. However, this growth may be further reduced due to recent difficulty adjustments.