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    Bitcoin Continues to Set New Performance Records for Its Network Hash Rate Power

    Bitcoin's network is more secure than it ever has been as the hash rate continues to climb, making new all time highs and growing extremely fast despite the recent BTC price dump.

    Bitcoin's dominance has continued to soar in the cryptocurrency ecosystem. BTC has set new records this month for its network hash rate, which could indicate that the price always follows the hashrate like it has traditionally in the past.

    Bitcoin Records All-Time Hash Rate High in October

    Blockchain, which is the authoritative resource that keeps track of bitcoin network data established in its first decade, the hash rate reached 114 quintillion hashes per second on the 23rd of this month.

    Source: Blockchain.com

    This, by far, is the enormous recording ever shared by others, including BitInforCharts, which at the same time also recorded an all-time high of over 110 quintillions. On 10th October, Coin Dance recorded an all-time high of 134 quintillions.

    Hash rate is the all-inclusive computing power required to intricate agreements on the Bitcoin infrastructure. More potential advocates perfect network security as well as potential profits in Bitcoin mining. Meaning, miners could expect an increase in Bitcoin's value soon due to the supply and demand equation changing.

    The Latest Price Drop Is Testing Miners Profitability

    The network hash rate seemed to undergo rapid change last month. At the same time, Bitcoin dropped by 40% in a day.  Experts elaborated the data did not imply miners were giving up on Bitcoin as reported by Cointelegraph.

    Be it as it may, the continuing hash rate before the fall in the price of Bitcoin drew a line showing their laxity in investing in the industry- so is its profitability. This week, the mining giant Bitmain started the world's largest mining farm in Rockdale, Texas.

    The profitability measurement is nearing its cheapest in 12-months. Cointelegraph reported that one miner said that $6,500 is the bottom line to keep gains for miners. Bitcoin could experience lower hash rates if it scales over it. This may lead to miners to down their tools until when the prices return to normal.

    Dovey Wan, one of the investors, said that Bitmain’s Antminer S9 mining supply model is one he famous miners around the globe. At the moment, the miner is in the negatives at the present prices, excluding other costs such as electricity.

    It is, therefore, a matter of time to see if the fall in Bitcoin price will have a contradiction on the hash rate.

    All Eyes On Block Prize Method

    Miners will now keep up with at least half of the new Bitcoins per block starting May 2020. Instead of 12.5 BTC, they will now compete for 6.25 BTC.

    Just remember, hash rate may be soaring but the price tends to lag behind but has caught up in the past, but there are still many mountains to climb for the leading cryptoasset to grow into the megatrend it is likely to become.

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    Ali Qamar
    Ali Qamar
    Ali Qamar is a seasoned crypto and blockchain writer and a strong believer in cryptocurrencies with real-life use cases. Ali loves to cover any topic related to TRON and has a keen interest in other cryptocurrency verticals such as Ripple, Stellar, Bitcoin and more.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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