It\u2019s no secret that the past year has been an arduous one for Bitcoin and the entire crypto markets, and despite posting a slight recovery from its 2018 lows, BTC\u2019s current price action is still dismal to say the least, and any talk of an imminent price surge remains nothing more than speculation.<\/p>\n
Despite this, Bitcoin\u2019s hash rate has been on that up-and-up as of late and has recovered significantly from its recent lows. This recovery signals that miners are gaining greater confidence in the cryptocurrency, which may signal that a price surge is, in fact, imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading flat at its current price of $4,020, directly in the middle of its recently established trading range between $4,000 and $4,100 which has persisted for the past couple of weeks.<\/p>\n Although the cryptocurrency\u2019s price has been flat lately and volatility is on the decline, its hash rate has been gradually climbing, which may be a bullish sign.<\/p>\n BTC\u2019s hash rate<\/a>\u00a0hit highs of just over 60 million tera hashes per second (TH\/s) in late-August of 2018 before plummeting to lows of 30 million TH\/s in late-December of last year, which coincided closely to Bitcoin\u2019s plummet from $6,400 to lows of $3,200 in mid-November.<\/p>\n Since then, the cryptocurrency\u2019s hash rate has been climbing, and is currently sitting at just under 50 million TH\/s.<\/p>\n Dovey Wan, a popular figure within the cryptocurrency industry and the founding partner at Primitive, recently pointed to the recovering<\/a> hash rate as a sign of increasing confidence from Bitcoin miners.<\/p>\n \u201cHashrate for $ETH has dropped 50% since its ATH and sees no recovery. vs $BTC also once saw a drop for 50% but steadily climbed back up now it’s 80% (50E) of ATH (60E)\u2026 This is the most direct reflection of confidence from miners based on their expectation of that PoW coin,\u201d she explained.<\/p><\/blockquote>\n Hashrate for $ETH<\/a> has dropped 50% since its ATH and sees no recovery. vs $BTC<\/a> also once saw a drop for 50% but steadily climbed back up now it's 80% (50E) of ATH (60E) <\/p>\n This is the most direct reflection of confidence from miners based on their expectation of that PoW coin. pic.twitter.com\/63NU9E9tCs<\/a><\/p>\n — Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) March 24, 2019<\/a><\/p><\/blockquote>\n\n