Bitcoin Blockchain Brings the Hammer in Hitting a Hash Rate of 80 Quintillion For First Time Ever
The Bitcoin market is growing a lot lately. Do you want proof of that? Just look at the hash rates. According to data taken from Bitinfocharts, the BTC hash rate has overcome 80 quintillion SHA256 hashes for the first time in its history.
When there is more computing power being used in order to mine BTC, the hash rates go up, so this means that now the network has more miners than it ever had before.
In recent months, the hash rates had been reaching several new all-time highs. A downtrend was started during the second half of last year, but it has reversed now, starting around April 2019.
With the rise of the hash rates, though, it becomes harder to mine Bitcoin. The difficulty goes up and it takes more time to accomplish. This happens when the network is set to have around a single block mined every ten minutes.
Higher Hash Rates Means More Security
A high hash rate can represent a boost in investor confidence. With more people mining, the network will be more prepared to withstand 50% attacks, which happens when someone is able to control half of the hash power alone. This way, a person can use double spending to basically fake transactions.
With more security, the result is obviously more confidence. Several people criticized the network last year when Bitmain got close to having 50% of the hash power and we are very far from that. More hash power means that the network is often more decentralized and that it will be more stable for the years to come.