BTC Growth Story: Bitcoin Hashrate Hits Record Highs

Bitcoin mining hash power is at an all-time high, with the network experiencing robust growth. The hashrate has recently reached more than 750 extra hashes per second (EH/s), approaching 1,000 EH/s. That is a significant improvement from just 100 EH/s in 2020. The constant growth indicates that miners are investing a lot of capital to make the network more secure.

Currently, BTC is priced at $92k, reflecting an overall growth of 7% from the last 24 hours. If the growth continues, Bitcoin will rise to new heights within no time. Investors must closely watch key trends and changes in the market daily to be better positioned in their strategies.

BTC Historical Data

Bitcoin historical data often moves along with the hashrate changes. For example, BTC hit $60k in 2021, triggering an increase in its hashrate, and in 2022, BTC dropped to $20k, pushing its hashrate down as shown in the chart below.

Source: Cryptoquant

In 2024, the hashrate increased to 750 EH/s, and other cryptocurrencies stood at 500EH/s to balance the market stability. However, this year, BTC jumped to 1000 EH/s, creating high optimistic growth and secure networking.  

More Miners Are Joining the Network

The operational ASIC mining rigs have also grown in quantity. There are over 4.8 million mining rigs in Q1 2025 compared to 1.6 million in 2018, reflecting the growth potential of Bitcoin in the upcoming days. 

In 2022, active rigs dropped to 2 million when the Bitcoin price fell to $20,000. There was a noticeable comeback in 2023 that pushed rigs to 3.5 million. The recent jump to 4.8 million reflects investors’ and shareholders’ optimistic ideology towards BTC.

If rigs keep growing in numbers beyond 5 million, it can reflect a healthy market, and that would drive the price of Bitcoin above $120k. Conversely, if active rigs drop to 4 million, it could reflect a decline in mining activity, and that would impact market momentum and the future growth of BTC.

Institutional Interest Drives Market Trends

Big players are increasingly affecting the price action of Bitcoin. CME Bitcoin Futures Open Interest (OI) hit $25 billion in early 2025, above highs of $20 billion in 2021 and $15 billion in 2023. This shows that big players are making bigger bets on the future of Bitcoin.

Historically, higher OI tends to produce large price swings. When OI was $20 billion in 2021, Bitcoin’s price ranged from $60,000, however, when it fell to $10 billion in 2022, Bitcoin’s price dropped to $20,000. With OI currently at $25 billion and Bitcoin close to $100,000, there is a potential for another surge to $120,000.

If open interest reaches above $30 billion, Bitcoin’s price will hit $150,000 in no time. Other scenarios, such as increased energy prices or regulatory modifications, can decrease the hashrate to 600 EH/s, causing the price to dip to $80,000. Hence, investors are advised to watch the market closely for more insights.