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Hashrate is at the highest level despite a week in which prices dipped from $12,000 to test lows of $9,825.

Bitcoin’s hashrate has hit a new all-time high as miners continue to be bullish about the cryptocurrency.

The network’s seven-day average chart shows that the total computational power miners have contributed to the network security has reached 135.2 exahashes per second (EH/s).

On September 6, the total computational power expended on the network was about 122.9 EH/s, which means despite price falling from highs of $12k to lows of $10k, miners remain upbeat.

The 30-day average has also hit a new all-time high of 126.3 EH/s over the past month.

Generally, what this means is that miners are betting more and more on Bitcoin’s future price rising. It is a historically bullish signal for the top cryptocurrency. On the basis of it, a more secure network results in higher developer activity, increased usage and overall network health.

Again, that means price going up, with more miners joining the network and pushing the total computational power even higher.

Bitcoin hashrate chart on September 14, 2020, showing a 7-day average at 135.2 EH/s. Source: Blockchain.com

While hashrate has climbed to new levels, miners are facing a shortage of high-performance next-generation rigs. Apparently, most mining rig manufacturers have been unable to keep pace with demand.

As well as Bitmain, other top mining rig companies Canaan, Whatsminer, and Ebang are reportedly out of stock, with both 7nm and 8nm semiconductors in short supply from giants TSMC and Samsung.

Meanwhile, Bitcoin’s on-chain activity from the past week was markedly bearish, with development activity falling after spiking in the first week of September.

However, despite the overall bearishness registered in price action,

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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