Bitcoin Computing Power Sets Yet Another All-Time High as BTC Blockchain’s Hash Power Soars
Bitcoin mining total hash rate reached it’s All-Time High above 60,000,000 Th/s to record a new high 78.9978 EH/s mark on July 29, 2019. To put this in perspective, during the bull run of 2017, the network’s hashrate was around the mark of 15 EH/s. The current level shows how far the bitcoin network has progressed despite the bear run that prevailed for over a year.
A hash is the output of a hash function and, as it relates to Bitcoin, the Hash Rate is the speed at which a compute is completing an operation in the Bitcoin code. A higher hash rate is better when mining as it increases your opportunity of finding the next block and receiving the reward.
Bitcoin's mining hashrate just hit a new all-time high.
The higher the hashrate, the more costly attacks become. Security of the network continues to increase! 💪 https://t.co/CJujjEnc1H
— Stephen Cole (@sthenc) July 31, 2019
The progress looks even more ludicrous when you see that it was just only 2016 when the bitcoin network crossed 1 EH/s hashrate level. With just over 3 years of progress, the hashrate has come in the upper 70s. Increase transaction settling and hashrate contribution signify that bitcoin has been rising in the ranks in terms of global adoption.
Additionally, recent statistics show that out of all the Bitcoin to ever exist around 85% have now been mined till now. Statistics show that over 17,851,288 Bitcoin have been mined with only 3,148,712 Bitcoins left to mine. There are only half a million Bitcoins left to mine before the next block reward halving event. In the next halving event block mining reward would decrease from 2.5 Bitcoin to 6.25 Bitcoin.
The hash rate’s growth hasn’t been a perfectly smooth climb. But the processing power will only keep growing. Bitcoin halvings historically boost bitcoin’s price, so miners will be more motivated than ever to mine for bitcoin. And because their rewards for mining will be cut in half after the halving, competition among miners will likely grow, which means there will be more miners to verify transactions and keep the network secure.