Bitcoin Hashrate Constantly Climbing, On The Verge of Surpassing 40 EH/s
Hashrate refers to the total computing power of the Bitcoin network, and its growth is a solid indicator that despite low prices, more and more parties are choosing to invest in it. After gaining 15% through June, the number reached its highest level ever, further data uploaded to Twitter by a Bitcoin monitoring account shows.
Bitcoin's hashrate just hit another ATH after a 15% increase from two weeks ago.
— Bitcoin (@btc) June 18, 2018
The chart depicting the Bitcoin network hash rate over the last nine months seems to indicate there has been steady growth in this regard. With the Bitcoin price remaining near or above $3,300 since July and August of 2017, there has been no need for miners to shut down their operations. In fact, the opposite has happened, as the hash rate has more than quadrupled since that time.
This trend not only highlights the profitability of mining Bitcoin, but it also shows that interest in cryptocurrency is still growing. Various countries around the world welcome large-scale operations these days. In those places, miners are given access to renewable energy, which reduces the operational costs of running a Bitcoin mining setup.
Bitcoin’s latest network performance continues a trend, which has seen prices contrast with increasingly robust technical fundamentals. In addition to hash rate, transaction fees and pool size have also improved, due in part to the increasing popularity of Segregated Witness support. SegWit’s presence reached highs of its own in May, continuing to hover at just under 40% of all Bitcoin transactions.
It was a big deal when the Bitcoin network reached one exahash per second not that long ago, things have certainly been progressing in the right direction. It is also a sign that the ecosystem continues to mature. The Bitcoin ecosystem has come a long way since then.
Earlier Max Keiser had said that bitcoin prices will follow the trend of hashrate.