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Bitcoin hash rate reaches 6-month high

Bitcoin's hash rate has reached its highest level for over 6 months. The mining power on the BTC network has reached its highest level since October 2018, as reported by CryptoInsider.

A major spike saw the Bitcoin hashrate increase to 58,109,199 TH/s a few days ago, before sharply dropping back down again. The only time in the last year that it has been higher than this hashrate was in August, September and October 2018, and it hovered around this level for most of the end of last year.

The Bitcoin hashrate is often held up as an way to gauge price action. In general, people believe that the increase in mining power corresponds with an increase in how much BTC is traded for.