Bitcoin's Rising Hash Rate and Crypto Veterans' Comeback

By: Eliza Bennet

As the world of Bitcoin takes an upward trajectory yet again, long-standing players in the crypto market make a comeback. Alongside, the Bitcoin network displays an unprecedented surge in its hash rate, indicating higher computational power committed to transaction processing and blockchain stability. Latest data places the 7-day moving average hash rate at a staggering 620 EH/s, inching closer to previous peaks.

The next difficulty adjustment scheduled for April 10 is expected to exceed 3%, further amplifying the computational prowess safeguarding the network. This event gains significance as it comes ahead of the anxiously awaited Bitcoin halving event due for April 20, which will see the block reward for miners reduced by half. Marathon Digital Holdings CEO Fred Thiel posits a theory hinting at the involvement of sovereign nations in the global hash rate upswing, an occurrence with potentially major repercussions.

Meanwhile, Chainalysis, the blockchain analysis company, has made strides in their fight against cryptocurrency crime with the new addition of former IRS Criminal Investigations Chief, Jim Lee. In his new role, Lee intends to provide guidance to law enforcement and tax agencies on effectively using Chainalysis' data in tackling crypto crime.