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Real Vision crypto market analyst Jamie Coutts said Bitcoin’s mining hash rate is showing a clear recovery.
Coutts said BTC’s 14-day average hash rate fell 23% from its all-time high in October last year through February this year, marking the biggest drop since China’s 2021 mining ban. After fluctuating, the hash rate has rebounded 21% from its July 17 low, narrowing the gap with its record high to about 6%.
He said the recovery reflects miners’ willingness to invest and stronger Bitcoin network security, although it does not necessarily mean BTC prices will rise. In six of nine similar past recovery phases, BTC traded higher a year later, with a typical gain of about 66%, Coutts said.