Bitcoin’s Hash Rate Posts 6-Month High of 58 Million Tera Hashes (TH/s), Best Since October 2018
Bitcoin’s hash rate continues to grow after the digital currency experienced a price increase since the beginning of the current year. In the last days, the hash rate for the Bitcoin network reached the largest point since the end of October 2018. How long can it keep growing?
Bitcoin’s Hash Rate Continues its Growth Path
In the last 24 hours, Bitcoin’s hash rate reached 58 million TH/s, the best performance since October 2018. Back in November, the hash rate dropped down to 31 million TH/s due to Bitcoin’s price drop from $6,000 to $3,150 a few weeks later in December.
Since that time, the has rate has been steadily growing month after month and it finally reached 58 million TH/s on May 2, 2018, according to Blockchain.com. Bitcoin has also registered a price increase during the same period of time. Bitcoin expanded more than 40% since December 2018. The hash rate has already expanded by more than 87%.
This shows that there is a growing interest in mining activities after a year in which miners lost millions of dollars. Several miners with inefficient connections and costly energy prices had to shut their operations down back in November and December 2018, which caused the hash rate in the market to drop.
This is also very important for the network because the Bitcoin network becomes more secure and more difficult for attack vectors to succeed. For example, it will be more difficult for groups of miners or individuals to perform a 51 percent attack like the one experienced by Ethereum Classic (ETC) network.
At the same time, the mining difficulty has also been increasing as well. Since January 2019, the difficulty in the network increased as well. Difficulty follows hash rate, which follows Bitcoin’s price and how profitable is for miners to operate in the network. The difficulty is currently at the same level as in August 2018 when the digital currency was traded around $7,000.
Back in April 21st, the cryptocurrency analyst and investor Alex Krüguer wrote that the Bitcoin mining operational breakeven for efficient mining operations stands at $3,550. Currently, Bitcoin’s price is close to $5,800 and it moved from $5,600 a few days ago and from $4,200 last month.