Bitcoin Network Very Healthy As Hash Rate Hits A New Record High, Making It More Secure Than Ever Before
Data from Blockchain.com shows that the Bitcoin network hash rate – the computing power required for securing the network – topped 62 quintillion hashes per second (62 million tera hashes per second – TH/s) this past Friday.
The new hash rate record comes after Bitcoin’s price surpassed the $9000 mark at the beginning of this week. This shows that there are enhanced interests in mining Bitcoin than ever before.
his figure shows the highest ever hash rate value recorded on the network with the previous record being 61.9 million TH/s achieved in late August 2018.
The new hash rate figure signifies that there are more mining nodes that are active within the network enhancing greater security by reducing the possibility of malicious attacks on the blockchain. Hypothetically, bad actors would need to acquire more resources to pull of a 51-percent attack.
Hitting a new harsh rate record will most likely deliver a final blow to any talk of mining capitulation which emerged when the hash rate fell by more than 45% in December.
The new hash rate was noticed by Max Keiser, a major crypto worshipper who explained the phenomenon in a tweet saying:
“Hashrate (more often than not) leads price. This is something not even Bitcoin’s most ardent supporters understand. It’s the heart of the incentive scheme.”
The new record hash rate comes less than a month after Bitcoin set an all-time record for highest mining difficulty, a setting that adjusts regularly to keep its blockchain producing a block once every 10 minutes, on average.
Key Aspects Reinforcing The Bull Market Frenzy
The new hash rate record is just one of the main aspects that have witnessed a positive growth trend. Bitcoin’s daily addresses are now above 1 million.
Cointelegraph reports that the increased daily activities in the network doesn’t seem to have materially impacted transaction fees as the mean transaction charge is somewhere around $1.33. However, using wallets with robust fee calculation figures can even offer much lower fees.
Apart from hitting new hash rate records, the market price for Bitcoin is on an assault and has surpassed $9500 mark setting a new 1-year high for the top-ranked cryptocurrency.
A senior market analyst ate eToro, Mati Greenspan had pointed out that network fundamentals are the best indicators when it comes to price predictions and true to his analysis, there is a strong correlation between the recent price surge and network activities.
The new hash rate comes just days after Facebook announced the release of its much awaited cryptocurrency, Libra. In all, Bitcoin is up by almost 150 percent since the start of 2019 and has now added more than double its market price since the beginning of April alone.
Will Bitcoin maintain the positive trajectory to finish the year on a high? Share with us in the comments section.