The trends in Bitcoin are always changing with every passing day, but this year the digital currency has seen more than 250% rise in its hash rate. September marked the 5th month that witnessed a surge in the total hash rate.
Bitcoin traded at the yearly high of $13,800 on June 26th, 2019. Since June, Bitcoin has witnessed a lot of ups and downs in the market by trading as low as $9,300 last month. Currently, it’s in on an upward correction.
Hashing power of Bitcoin has witnessed a linear rise, and the total hash rate of the network has reached twice in less than 5 months. The overall hash rate has reached about seven times higher if we compare it with December 2017.
ATH of the total hash rate of Bitcoin is about 87.8 EH/s hashes. This explains that even during the bearish market in 2018, the hash rate was still rising. In the first quarter of 2019, it was steady at 45 EH/s, and now it is increasing continuously.
The entire Bitcoin market is scaling upwards, and the growth of the network is coming with new opportunities for new business entities. Currently, about 3 million Bitcoins are still left to be mined, and the rush for Bitcoins will be affected by the upcoming halving in 2020 in which the rewards for mining will be reduced to half.
