Bitcoin Hash Rate Sets Record High Boosting Network Security
The Bitcoin (BTC) hash rate — the total computing power of the bitcoin network — reached new all-time highs this week, data from monitoring resource Blockchain.com confirmed on June 19. Bitcoin Hash Rate Sets Record High Boosting Network Security
As the Bitcoin price set a new annual record above $9,000, hash rate, which can be taken as a measure of how much interest there is in mining bitcoin, shot higher than ever before.
For Wednesday this week, the most recent day for which data is available, bitcoin’s hash rate had reached 65.19 trillion hashes per second (Th/s).
The activity did not go unnoticed, with hash rate constantly gaining every day throughout this week.
“Hashrate (more often than not) leads price,” Keiser Report host and major Bitcoin bull, Max Keiser, wrote on Twitter in related comments Thursday.
“This is something not even (bitcoin’s) most ardent supporters understand.
It’s the heart of the incentive scheme. It’s Satoshi’s ability to hack humans to create Gold 2.0.”
The number comfortably beats the previous record of 60 Th/s set in late September 2018, and continues the metric’s upward trend.
As Cointelegraph reported, the period after last September proved to be a retrograde step for the bitcoin network, with hash rate falling for the first time ever until the new year.
Various other metrics – and, of course, price – also saw suppression, before network activity picked up in Q1 2019. Thereafter, beginning April 1, the bitcoin price followed, sparking an almost unbroken three-month bull market, which continues. Bitcoin Hash Rate Climbs, Bitcoin Hash Rate Climbs, Bitcoin Hash Rate Climbs
Bitcoin Hash Rate Hits New All-Time-High
The previous record was broken in the second half of June, when bitcoin’s hashrate reached 65.19 TH/s and growth has steadily continued since then.
Hash rate is the number of calculations that a given hardware or network can perform every second. It is a very important parameter for miners, as a higher hash rate will increase their chances of solving the mathematical problem, sealing off the block and collecting their reward. A higher network hashrate also increases the amount of resources needed for performing a 51% attack, making the network safer.
Increases in the network’s hash rate also often mean that its energy consumption increases. Still, cryptocurrency investment products and research firm CoinShares recently estimated that 74.1% of bitcoin mining is powered by renewable energy.
As Cointelegraph previously reported, the period after September 2018 — during the so-called “crypto winter” — proved to be a retrograde step for the bitcoin network. At the time, the network’s hashrate decreased for the first time ever.
In June news broke that bitcoin’s mining difficulty has reached an all-time high, demonstrating the increasing competition for block rewards between miners. Bitcoin Hash Rate Sets,Bitcoin Hash Rate Sets,Bitcoin Hash Rate Sets