New Blockchain.com Data: Bitcoin’s Hash Rate Sees Highest Peak in 4 Months at 52 Quintillion Hashes Per Second
As per all new data available on Blockchain.com, Bitcoin’s native hash rate surged past the 52 quintillion h/ps mark a couple of days back— thus leading many analysts to believe that the premier digital asset might once again be on its way up.
For those of our readers who might not be aware of what the term ‘hash rate’ means, it can be thought of as an indicator that measures the performance of bitcoin miners whose work is to secure the network. To be even more simplistic, we can say that the higher the hash rate of a network, the harder it is for miscreants to initiate an attack against the project.
Lastly, it should also be pointed out that a higher “hash rate” indicates that the number of miners joining a network is increasing. As can be seen from the chart above, Bitcoin’s “mining difficulty quotient” has remained quite flat over the course of the past 30 days or so— which basically means that it is once again becoming easier for miners to resume their operations.
Other Key Stats Worth Noting
- As per latest market indicators, Bitcoin’s recent downward trend in hash rate may soon be coming to an end— especially since a spike of 50,000,000 TH/s was observed early last month.
- The security of the BTC network seems to be at its highest in more than 4 months right now.
- Bitcoin is currently closing in on its ATH HR of roughly 62,000,000 TH/s— a record that was set during August last year.
- On the subject of hashrate, Casa CTO ‘Jameson Lopp’ recently posted a number of tweets that were in Bitcoin’s favor. Not only that, but Lopp also suggested that the crypto mining market was on the verge of making a comeback in the near future.
“Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!”
Now that more and more miners are once again going live and pushing the hashrate of Bitcoin in a positive direction, it appears as though the value of the flagship cryptocoin (as well as the market at large) will increase in the coming few weeks.
Last but not least, it should also be pointed out that when compared with the hash-rate (HR) values of December 2017 (a time when BTC was peaking at USD $20,000), today’s associated HR numbers are nearly four times larger.