Bitcoin Network Hashrate Hits Record-Breaking

Bitcoin Hashrate Sits at a Record-Breaking 52 Quintillion, Restoring Investors’ Confidence

The Blockchain, previously known as Blockchain.info, has recently revealed that bitcoin’s hashrate, the speed at which an operation is completed in bitcoin code, has reached an all-time high of 52 quintillion, which is equivalent to 52,000,000,000,000,000,000.

Bitcoinist also reported the news, adding that a comparison was made in relation to how big a deal this news is. In particular, it was noted that bitcoin’s hashrate does not even compare to the earth’s sand quantity of 7 quintillion, with it being only a fraction away from the total natural, water supply of nearly 325 quintillion gallons.

Former Head of AIG’s Global Emerging Markets, Philippe M. Heilberg tweeted the news adding that the hashrate grew by 60 percent in as little as the last three months.

P.M. Heilberg also added that, “even assuming a 10 percent growth rate, it makes you wonder what sellers are thinking. Must be close to the bottom for #crypto especially #Bitcoin and #litecoin.” The hashtag reference made to litecoin stems from the fact that it is a token that aims to resolve bitcoin, calling itself a lighter version.

Bitcoin futures are currently trusted in and many headlines seem to be supporting it. Just about a week ago, Intercontinental Exchange (ICE) revealed its plans to launch a regulated digital asset platform dubbed “Bakkt” in November 2018. Soon after, Goldman Sachs’ also revealed its own plans to what seems like a potential bitcoin future.

At the rate at which investment firms are entering the crypto market, it won’t be long before it attains mass adoption! What are your thoughts? Comment below.

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