Bitcoin’s Computing Power Breaks Records At Around 90 Quintillion Hashes Per Second
Bitcoin may not be breaking the records of price, but it is certainly breaking some kinds of records this year. The network has recently seen its computing power go up after its hash power grew 25% in a single week.
Recent data shows how much the hash rate has went up. It overcome 80 quintillion h/s and set new highs at around 90 quintillion h/s. A higher hash rate means that there are more people mining Bitcoin out there. The great this metric is, the more successful the network seems to be. Because of this, the security of the network against 50% attacks is also improved with a high hash rate.
A high hash rate also means other things. For instance, that miners will invest more money in mining, as the mining difficulty goes up when more people are mining. This way, a block is still mined every 10 minutes.
Bitcoin’s Prices Follow the Hash Rate, Keiser Affirms
The main point that really hypes people when the hash rates are high is that prices are generally bound to follow the hash rate. Generally, when the hash rate is going up, we see prices going up some months afterward.
This leads people such as Max Keiser, a prominent Bitcoin investor, to affirm that both the hash and prices are set to go up in the near future. According to Keiser, the political upheaval in the world (the U. S.-Trade War, riots in Hong Kong, Brexit) is fuelling chaos and making prices go up as people are starting to see Bitcoin as a safe haven asset.