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
Bitcoin Network Hash Rate Hits 80 Quintillion For The First Time
Bitcoin (BTC) has passed another network performance milestone this week as the largest cryptocurrency’s hash rate hit a new record high.
Bitcoin Secured By 80 Quintillion Hashes Per Second
Data from monitoring resource Bitinfocharts confirmed Bitcoin’s hash rate exceeded 80 quintillion SHA256 hashes per second Aug. 8, the first time such a level has been reached.
Hash rate refers to the amount of computing power used to validate Bitcoin transactions. The more power, the costlier it becomes for malicious actors to attack the network.
As Cointelegraph reported, hash rate has set multiple new all-time highs throughout recent months, reversing a downward trend which characterized the second half of the 2018 Bitcoin bear market.
The metric is one of many to set personal bests this year; difficulty and volume, among others, have also done so.
Greater Security Boosts Investor Confidence
Network strength in turn contributes to the overall bullish sentiment among Bitcoin proponents, who note that during the cryptocurrency’s all-time price high in December 2017, the same metrics were markedly lower.
As such, the argue, Bitcoin is better equipped for growth now than then, or at any point in its history.
When that growth will kick in remains uncertain, with opinions nonetheless coalescing around next May’s block size reward halving. Prior to that, miners will ensure that markets keep above the lows seen in the past year, with one analyst putting the floor at around $6,500.
Bitcoin Is Using Less Energy Despite Record Hash Rate, New Data Shows
Bitcoin (BTC) energy consumption is becoming rapidly more efficient, new data shows as hash rate continues to hit record highs.
Record Hash Rate With Less Power
Data from aggregator Statista accessed on Sept. 5 showed that despite more computing power being dedicated to Bitcoin mining, less electricity is required to fuel it.
According to one chart, energy consumption as of July was 69.79 terawatt hours per year. In July 2018, the figure was 71.12 terawatts, while hash rate was almost 60% lower than at present.
As Cointelegraph reported, hash rate measures the overall computing power involved in Bitcoin transaction processing. The metric passed 80 quintillion hashes per second in August, and currently lies at just under 90 quintillion. In July 2018, the number was around 40 quintillion.
Bitcoin Mining Gets Eco-Friendly
The data thus fits into the overall trend for miners to become more ecologically aware. As Bitcoin prices recovered this year, multiple operators announced attempts to improve efficiency.
A study in June found that three-quarters of Bitcoin mining activity is powered by renewable energy sources.
Hardware manufacturers have further sought to develop new devices with greater capabilities and lower energy demands, such as Bitmain’s 7nm Antminer, which debuted last November.
Electricity nonetheless remains a popular topic among third parties, some of which allege the industry’s consumption makes it a morally questionable activity.
Bitcoin Hash Rate To Hit A Milestone 100 Quintillion For The First Time
Bitcoin (BTC) is aiming for a new network record as its hash rate is just inches away from hitting three figures.
Bitcoin Hash Rate Nearing 100 Quintillion
Data from statistics and wallet provider Blockchain published on Sept. 8 shows that as of that date, Bitcoin’s hash rate has topped 94 quintillion hashes per second.
A record in itself, the number is now set to reach 100 quintillion for the first time in Bitcoin’s history, commentators suggest.
As Cointelegraph has explained, hash rate refers to the overall computing power involved in processing Bitcoin transactions. The more power, the more secure and profitable the Bitcoin network is.
Hash rate spent six months in recession during the second half of 2018, before staging a dramatic comeback in January. Three months later, Bitcoin price followed suit, rising from $3,500 to local highs of $13,800.
Keiser: Bitcoin Gains Will Come At Fiat’s Expense
According to RT host Max Keiser, price traditionally follows hash rate in bull runs. Now, he says, it is fiat currency which will start feeling the strain due to Bitcoin’s success.
“#Bitcoin hash set to break 100 Q. This will start to become a problem for fiat as data centers dedicated to maintaining fiat systems are pulled into the BTC black hole of true value,” he wrote on Twitter on Sunday.
The pace of change in Bitcoin likewise did not go unnoticed by Lightning Torch relay organizer Hodlonaut, who on Twitter noted the metric measured just 6 quintillion in September 2017.
“Today, hashrate increases with that same amount every 2-3 weeks,” he added.
BTC/USD meanwhile has yet to capitalize on network strength again. At press time, the pair traded sideways just below $10,200, having lost almost 4% over the past 24 hours.