Bitcoin Hash Rate Reaches All-Time High Showing Futuristic Support For The Digital Currency
- Bitcoin’s hash rate has reached an all-time high after doubling its TH/s from December 2018
- Bitcoin’s network is the most secure in the crypto market
Bitcoin’s (BTC) hash rate has reached an all-time high after an incredible bull run to $13,750 registered a few days ago. The network continues to expand showing that there is large support from the cryptocurrency market. Since December 2018, Bitcoin’s hash rate has more than doubled.
Bitcoin Hash Rate Skyrockets
The hash rate of the Bitcoin network is reaching new highs after a very positive year. Since December, the hash rate grew 113% and it is currently close to 69 million TH/s.
Bitcoin's hashrate is now at 69,000,000,000,000,000,000 hashes every second.
Hashrate is up 2x since Dec 2018 lows, and over 10x since Jun 2017. pic.twitter.com/1fdLnH5mtq
— Kevin Rooke (@kerooke) June 30, 2019
This makes Bitcoin the most secure network in the cryptocurrency market and a leader in the crypto space. Indeed, the virtual currency is the oldest in the market and the most accepted everywhere. According to CoinATMRadar, more than 99% of the ATMs installed around the world have Bitcoin as a default virtual currency to buy or sell (the sell option is available in some ATMs).
Although the hash rate shows how secure the network is, it does not provide information regarding price movements in the short or long term. Nonetheless, if the price of Bitcoin surges, is expected for the hash rate to follow. The same would happen if Bitcoin’s price drops, as it happened at the end of 2018.
Christopher Bendiksen, the Head of Research at CoinShare, explained:
“Like any other capital-driven industry, the delay in the upwards drag results from the time difference between making an investment decision and when the gear is actually switched on. For most players in bitcoin mining, this is on the order of months and depends on their proximity and relationships with the producers of mining gear.”
The hash rate is also related to the difficulty in the network. When the hash rate increases, the difficulty to process the transactions as well. If the hash rate increases it means that there are new miners entering the network, and this is what the Bitcoin mining difficulty shows.
Currently, Bitcoin is being traded around $10,306 and it has a market capitalization of $183 billion, as reported by CoinMarketCap.