- Bitcoin’s hash rate recently recorded another all-time high of 144.31 EH/s.
- More big-time bitcoin mining companies are investing further resources to assert their dominance.
- Bitcoin is now back to the “Greed area”.
- 10% of Bitcoin’s circulating supply is held by top crypto exchanges such as Coinbase, Huobi, Binance, OKEx, and Kraken.
- Bitcoin is trading at about $11,300 per piece.
The Bitcoin network has surpassed its previous all-time high (ATH) on October 14. Meanwhile, stats from Chain.info show that 10% of all BTC in circulation are held by top crypto exchanges.
BTC Hash Rate Smashes ATH Records Anew
Since September, Bitcoin has hit the 140 exahashes per second (EH/s). Just recently, the Bitcoin network has reached 144.31 EH/s, which is higher than September’s ATH of 143.38
Previous news reported that while many small-time miners are bailing out of the BTC mining competition, bigger mining companies are stepping on the gas and throwing in more money and other resources to assert their dominance.
More than half of the network’s hashing power comes from crypto mining companies in China. However, contenders from other countries like US-based Riot Blockchain are buying more bitcoin mining rigs to increase their mining capabilities.
Arcane Research also published a report regarding the recent accomplishments of the network. So far, Bitcoin’s hash rate is 36% higher since the start of the year. This shows that massive bitcoin mining companies remain unimpeded by the May 11 bitcoin halving event.
BTC Trading Back to “Greed Area”
Meanwhile, Bitcoin traders have been observed to be scrambling to get a piece of the cryptocurrency themselves. Arcane Research said that BTC is now out of the Fear area, and has now entered the Greed area.
With the recent push over $11,000 for bitcoin, the sentiment in the market has turned more positive.
After staying in the fear area for more than a month, the Fear & Greed Index is now back above 50 and has entered the Greed area. pic.twitter.com/e8qiT1S4ZJ
— Arcane Research (@ArcaneResearch) October 13, 2020
This is also reflected by the number of bitcoins being held by crypto exchanges. In fact, stats from Chain.info show that about 1.9 million BTC, or about 10% of Bitcoin’s circulating supply are being held by top exchanges such as Coinbase, Huobi, Binance, OKEx, and Kraken.
Coinbase leads the pack, having an on-chain balance of almost 1 million BTC, which is considerably higher than second placer Huobi with about 323,600 BTC.
At the time of writing, Bitcoin is trading at $11,368.10, according to CoinGecko.
