On-chain data shows the 7-day average Bitcoin Hashrate has shot up to a new all-time high (ATH) despite network Difficulty being at a record level.

Bitcoin Mining Hashrate Has Seen A Sharp Increase Recently

The “ Hashrate ” refers to a Bitcoin indicator that keeps track of the total amount of computing power that the miners as a whole have connected to the BTC blockchain. The metric is useful for gauging the sentiment among these chain validators.

When the value of the Hashrate goes up, it means new miners are joining the network and/or old ones are expanding their farms. Such a trend implies BTC mining is looking profitable to this cohort.

On the other hand, the indicator witnessing a decline suggests some of the miners have decided to pull out of the chain, potentially because they

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