Bitcoin Hash Rate Rapidly Growing Despite Price

Despite Bitcoin's 2018 price slump, the dominant cryptocurrency's hash rate continues to surge at an astonishing pace.

Although the value of Bitcoin has decreased by 53% since January 1st, 2018, the hash rate has increased 155% in the same time period.

The continued growth in hash power demonstrates a strong, continued belief in Bitcoin by miners worldwide and may foreshadow a hidden bullish trend.

ASICs have become the sole mining hardware used to mine Bitcoin due to their increased hash rate ability and higher energy efficiency.

For comparison, in 2013, the total hash rate of the Bitcoin network on April 29, 2013, was 79.02 Th/s.Growing Number of Miners.

The hash rate of Bitcoin continues to hike at a rapid pace, indicating a growing number of Bitcoin miners.

One possible explanation for the increase in hash rate is Bitcoin's value.

Although Bitcoin has lost a lot of value in 2018, the block reward of 12.5 Bitcoin is still worth over $78,000 today.

Another possibility explaining the increase in hash rate could be upcoming Bitcoin "Halvening," estimated to occur around May 25, 2020.

Overall, it is a positive sign that miners continue to demonstrate their support for Bitcoin through the increasing growth of hash rate.