December 2021 saw bitcoin hashrate recover from the effects of the Chinese ban on cryptocurrency mining. Now, the network has recovered the hashrate it lost, reaching an all-time high of 208 million EH / s on January 1, which is expected to see further growth in 2022. The bitcoin hashrate is a measure of the computing power used to verify and process transactions on the network and extract new coins. In simple terms, the hashrate represents the number of active miners in the network at any given time, so it is seen as closely related to the security of the blockchain: the more hashrate, the greater the security.
It is often said that hashrate levels follow price because when the BTC reward is higher, more crypto miners are drawn to the network. A report by Arcane Research predicts that hashrate will continue to rise as the largest mining companies are investing millions in new machines. This could lead to a bullish trend of BTC, as the upward movement in the value of hashrate metrics shows the profitability of BTC mining and could push new miners into the blockchain.