The recent jump in Bitcoin’s hash rate could be tied to a return of miners. On March 12, a day now popularly referred to as ‘Black Thursday’, Bitcoin hit its 2020 low, at $3,600. Because of the very low price, many miners logged off, suspending mining activity for a while. Mining farms in many places completely shut down Bitcoin mining indefinitely at the time. However, Bitcoin has since regained the loss and is currently at $8,883. The rise in price has now caused these miners to return to the network.
Even though the hash rate fell significantly, investors kept plunging into the market regardless. According to a Coin Metrics report, retail investors took advantage of the low Bitcoin price and acquired significant positions in the market.
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