Bitcoin Miners are Breaking Records! Is this the Ultimate Signal for the Next Big Crypto Boom?

Bitcoin mining reached a new high in the first quarter of 2023 and appears to be on the rise right now. Mining growth exploded in January, February, and March 2023, after stagnating in the last few months of 2022. Is the exploding Bitcoin mining industry a sign of a particularly strong bull market next year?

How has Bitcoin mining developed in recent months?

Bitcoin Mining hashrate in the last 12 months, source:

Bitcoin mining has reached a new high in 2023, following recent strong increases. The hash rate indicates mining activity. This hash rate recently increased to nearly 400 EH/s. (exahashes per second).

To be clear, the hash rate is expressed in hashes per second. It is a computing power measurement unit in the proof-of-work network. 1 exa-hash is equal to one trillion hashes, or 10 to the power of 18 hashes. In early 2016, the Bitcoin network achieved an exa-hash per second for the first time. 

At the end of 2022, the hash rate appeared to be trending downwards, with a slight kink visible in the graph. The hash rate briefly fell below 200 EH/s around Christmas. The hash rate increased dramatically in the first three months of 2023. 

Why is the Bitcoin Hashrate so important in Bitcoin Mining?

The Bitcoin hash rate is a measure of the network’s security. The higher the hash rate, and thus the network’s thermodynamic security, the more difficult it is to attack the network from the outside. Many observers now believe that attacking the Bitcoin network at this hash rate is impossible. No state or company can afford this because the resources required are far too great. 

The increase in hash rate is still a fundamental indicator of Bitcoin’s strength, which should be reflected in the Bitcoin price in the coming months and years.   

Is Strong Bitcoin Mining Leading to a Particularly Strong Bull Market?

The rapid increase in hash rate and the ever-increasing Bitcoin mining could indicate that the impending bull market is becoming particularly massive. In the current bear market, the price appears to be undervalued. The scarcity of Bitcoin in the next Bitcoin halving could cause demand to skyrocket.      

We must not forget that the Chinese Bitcoin mining ban resulted in a short-term drop in hash rate during the 2021 bull market. This could also explain why the $100,000 mark was not reached in 2021. As a result, the next bull market may be stronger than the previous one. The extremely powerful Bitcoin Mining could be a precursor to this. 

Bitcoin mining is the process by which new Bitcoins are created and transactions are verified on the blockchain network. As more miners join the network and compete to verify transactions, the overall computing power of the network, also known as the hashrate, increases. This can be seen as a positive indicator for the overall health of the network, but does it guarantee a particularly strong bull market?

The Relationship Between Bitcoin Mining and Price

While strong Bitcoin mining activity can be a positive indicator for the network, it is not a direct correlation to the price of Bitcoin. There have been times in the past when mining activity has been high, but the price of Bitcoin has not followed suit.

Other Factors That Affect Bitcoin Price

Bitcoin’s price movement is influenced by a wide range of factors, including market sentiment, geopolitical events, regulatory developments, and technological advancements. The demand for Bitcoin, as well as its perceived value, also plays a significant role in determining its price.

Market Sentiment

Market sentiment refers to the overall attitude and mood of investors towards Bitcoin. If investors are bullish and optimistic about the future of Bitcoin, the price is likely to rise. Conversely, if investors are bearish and pessimistic, the price is likely to fall.

Geopolitical Events

Geopolitical events, such as changes in government policies or economic conditions, can also have a significant impact on the price of Bitcoin. For example, if a government were to ban Bitcoin or impose heavy regulations, the price would likely fall. Conversely, if a government were to adopt a more favorable stance towards Bitcoin, the price would likely rise.

Regulatory Developments

Regulatory developments, such as the approval of Bitcoin ETFs or the implementation of clearer regulatory frameworks, can also have a significant impact on the price of Bitcoin.

Technological Advancements and Bitcoin Mining

Technological advancements, such as the development of the Lightning Network or improvements to the overall security of the network, can also impact the price of Bitcoin.


While strong Bitcoin mining activity can be a positive indicator of the overall health of the network, it is just one of many factors that influence the price of Bitcoin. It’s important to look at a variety of indicators, including market sentiment, geopolitical events, regulatory developments, and technological advancements, to assess the potential for a strong bull market.