Bitcoin (BTC<\/a>) may be struggling at $30,000, but under the hood, all-time highs of a different kind keep coming.<\/p>\n The latest data shows that Bitcoin network fundamentals \u2014 difficulty and hash rate \u2014 will hit new records this week.<\/p>\n Bitcoin\u2019s 2023 recovery has been about more than just BTC price action, with miners seeing a significant turnaround of their own.<\/p>\n As BTC\/USD added 70% in Q1 alone, pressured mining participants saw some much-needed relief after the bear market squeezed profit margins to practically zero.<\/p>\n The comeback for miners is evident in difficulty, which among other things, reflects competition for block subsidies. <\/p>\n This has made new all-time highs for the past two months, and this week will be no exception. According to data from BTC.com<\/a>, the difficulty will increase by approximately 2.1% on April 20, reaching 48.91 trillion.<\/p>\n The dizzying tally is a full 13 trillion higher than at the start of the year alone.<\/p>\n Additionally, Bitcoin network hash rate is also estimated to be higher than ever, with raw data from MiningPoolStats<\/a> etching a new all-time high of 418 exahashes per second (EH\/s) on April 18.<\/p>\n As Cointelegraph reported earlier this week, hash rate estimates are far from concrete<\/a> and can be misleading, with calls now surfacing to reevaluate how it is measured and reported by those seeking to make bullish conclusions about BTC price strength.<\/p>\n However, as the old adage goes, \u201cprice follows hash rate<\/a>,\u201d and some commentators continue to watch the metric keenly as it drifts ever higher.<\/p>\n A key focus is Russia, stepping up mining activity over the past year to reportedly become<\/a> the world\u2019s second-largest miner in 2023, according to a report in Russian-language news outlet Kommersant.<\/p>\n While this has led to concerns<\/a> that governments with a majority hash rate share could pressure miners to censor transactions, others believe that the real \u201cdanger\u201d is using that hash rate for its intended purpose \u2014 earning Bitcoin.<\/p>\n \u201cAdversaries hypothetically using hashrate to censor #btc transactions is a distraction from adversaries actually using hashrate to earn #btc revenue,\u201d Pierre Rochard, vice president of research at Riot Platforms, wrote<\/a> in part of a recent commentary on the topic.<\/p>\n A look at the current state of miner balances meanwhile shows that on a rolling 30-day basis, BTC sales are increasing.<\/p>\n Related: What is Bitcoin hash rate and why does it matter?<\/a><\/em><\/strong><\/p>\n On April 18, miners decreased their Bitcoin holdings by 648 BTC compared with one month ago, according<\/a> to data from Glassnode.<\/p>\n The changes are significant compared with sell-offs that accompanied the FTX implosion in Q4 last year.<\/p>\nBitcoin mining difficulty, hash rate refuse to slow down<\/h2>\n
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Bitcoin miners not yet hoarding BTC<\/h2>\n
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