Say what you will about Bitcoin, the undeniable truth is that the crypto market is booming right now and it might still be a for a while, especially when you look at the Bitcoin hash rates to determine how popular Bitcoin mining is. Right now, according to data provided for Blockchain.com, the mining hash has exceeded 50 exahash/s for the time ever.
The precise hash was 50.277 exahash/s, which is the all time record for the token, being even higher than when the token was being worth $20,000 USD last year. If you consider the exponential growth of the Bitcoin hash on the long term, you can see that this will probably be surpassed soon too and another record will be set.
Rally In Bitcoin Price Might Have Affected The High Hash Rate
The most obvious reason for the increase of the hash is the increase of the Bitcoin price. After trending in the lower end of $6,000 USD, the token has reached a price as high as $8,500 USD recently, which have led to much speculation and to Bitcoin rising again. At the moment of this report, the price of Bitcoin was varying between $8,000 USD and a little bit lower than that.
As the price increase makes mining more profitable, more people are starting to mine again. This happens because the Bitcoin market suffered a long bear market in which the prices were down. Because of this issue, older mining rigs were not enough to mine Bitcoin.
Now, as the price increases again, these people can take the dust off their mining rigs and make profits again. The effect is even deeper as companies can use their profit to buy better rigs and mine even more.
Another fact that adds to the equation is that the Bitcoin mining difficulty has recently jumped to 5.95 trillion on July 29, a new record. This is an increase of 771 billion the last 2,016 block difficulty adjustment, which was in July 17.
Before the increase, it was supposed to take two weeks to mine 2,016 blocks but it only took 12 days. This is why the difficulty was adjusted or the block times would be very small and mineable Bitcoins would all be mined too quickly.
Since the difficulty is higher now, the hash also has to increase because the miners need more equipment to increase their profits with more difficulty.
At the beginning of 2018, the hash rate was 15 exahash/s, while at 2017, it was 2.5 exahash/s and only 0.7 exahash/s in 2016. Going even more into the past reveals that the exahash was 0.3 in 2015, 0.1 in 2014 and only 25 TH/s at the beginning of 2013. If we go all the way to the beginning, it as 1 megahash/s after launching 2009.
Will Bitcoin surpass 100 exahash/s? Almost certainly. Will it even surpass 1,000 exahash/s? That seems like something too far off at the moment, but who knows. It not impossible when you see that the hash rate is now 40 times higher after only 18 months. Looking at it this way, raising it another 20 times until the end of times does not seem so impossible, although it would certainly be very hard.