The Bitcoin (available on Coinbase) hashrate is nearing its all-time high, despite market skepticism over Bitcoin (available on Coinbase)’s popularity. The Bitcoin (available on Coinbase) hashrate was at 31.6615 hash per second as of May 1st, 2018, according to data from BitInfoCharts.

Source: BitInfoChartsNot long ago, on April 20th, 2018, Bitcoin (available on Coinbase) (BTC) achieved a hashrate of 32.1278 hash per second, which was the Bitcoin (available on Coinbase) hashrate all-time high. The current hashrate isn’t far off from that high and may reach it once more in the coming days if the hashrate continues to grow as indicated by the chart.

What does it mean for the Bitcoin (available on Coinbase) hashrate to be this high? It means that there are many new miners attempting to mine Bitcoin (available on Coinbase). This would suggest that trader confidence in Bitcoin (available on Coinbase) is ignoring market skepticism.

There have been previous predictions that Bitcoin (available on Coinbase) mining would become less profitable, and ergo less popular. This is exactly the prediction that Wall Street Analyst Tom Lee gave back in mid-March. However, Bitcoin (available on Coinbase)’s current hashrate is proving Lee wrong. In fact, the Bitcoin (available on Coinbase) hashrate has pretty much been climbing since November of last year, with only a few drops scattered over the course of the last few months.

Currently, Bitcoin (available on Coinbase) (BTC) price is still struggling to achieve $10,000. The BTC price is hovering within the $9,000 range. At the time of writing, Bitcoin (available on Coinbase) (BTC) is selling for $9,150.58. This price puts BTC up 1.84% in the past 24 hours. At the beginning of March, Bitcoin (available on Coinbase) was selling for over $11,000, and although BTC is starting to climb again, it has yet to reach those numbers again.

So, where is the miner confidence coming from? A recent Fundstrat poll surveying institutional investors showed that 82% of investors believe that Bitcoin (available on Coinbase) has already reached its lowest levels for the year and won’t return to these low levels again in 2018. According to the results, Bitcoin (available on Coinbase) is going to grow, with many investors confident that it will hover between $10,000 and $20,000 throughout the rest of the year. Ironically, this survey is also the brainchild of CEO Tom Lee.

Featured image: Sebfor

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