Bitcoin’s hash rate reached a remarkable 1.12 billion TH/s on September 12, achieving a new record high. This surge in the network’s hash rate has also led to an unprecedented adjustment in Bitcoin difficulty, which now stands at 136.04 trillion (T). As experts analyze this development, they suggest that such conditions have historically foreshadowed significant price increases for the cryptocurrency.
The hash rate, which reflects the total computational power utilized by miners to secure the Bitcoin blockchain, increased substantially in conjunction with Bitcoin’s price surge, which allowed it to breach a two-week high. This surge occurred amidst record inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
The adjustment in Bitcoin difficulty, a measure of how challenging it is for miners to successfully mine a new block, is calculated approximately every 2016 blocks or every two weeks, and it responds to changes in the network’s hash rate. According to estimates from CoinWarz, the next difficulty adjustment is scheduled for September 18, 2025, with projections indicating a rise of 6.38% to 144.72T.
Experts in the field observe that such dramatic spikes in hash rate often lead to shifts in mining operations, with less efficient miners potentially scaling back their efforts while larger, more resourceful mining operations accumulate Bitcoin in anticipation of a market rally. Varun Satyam, co-founder of Hyperbola Network, indicated that the historical patterns suggest we might soon enter a similar phase where Bitcoin’s value could see a significant uptick due to a favorable macroeconomic environment and reduced selling pressure from miners.
This bullish sentiment among investors is further heightened with the upcoming Federal Reserve rate decision set for September 17, with expectations of a potential 25 basis point rate cut. In conjunction with these market conditions, miners’ reserves have also surged to a 50-day high, reaching 1.808 million BTC on September 9, signaling that miners are currently holding onto their assets rather than selling.
In light of these developments, users of the prediction market Myriad, which is backed by DASTAN, have demonstrated a mix of optimism and caution regarding Bitcoin’s price trajectory. Over 80% of users anticipate that Bitcoin will hold above $105,000 throughout September. However, opinions are divided regarding its broader outlook, with 56% believing it will exceed $125,000 by year-end, while 44% predict it may dip below $105,000.
As of now, Bitcoin is trading slightly below $115,000, having increased by 0.8% on the day and 2.3% over the week, indicating a growing bullish trend in the market. The interplay of these factors continues to capture the attention of investors and market participants alike, as they await further developments in the cryptocurrency landscape.
