Bitcoin has been experiencing some ups and downs recently in its price, but the BTC hash rate reached an all-time high on Sunday. The BTC hash rate kept increasing, and it is headed towards an all-time high of 100 million TH/s.
Bitcoin’s hash rate has reached a new high of 94,779,758 TH/s, and it looks like the hash rate is headed towards the sweet spot of 100 million TH/s. This increase in the hashrate is of more than 66% compared to the same time from last year, and the growth rate has increased about 196% from December 2018’s low of 32 million TH/s.
This growing hash rate explains the processing power of the Bitcoin network that is being provided by the miners and works as an indicator for the network’s health.
A larger hash rate is an indicator of a more secure network and more cost-prohibitive it would be. Malicious parties will need a lot of resources now to control the Bitcoin blockchain. This increase in hash rate is caused by the entering of new mines in the bitcoin mining market.
Bitcoin has never been stronger 💪
A $BTC chart often overlooked is hashrate (miner power dedicated to processing transactions).
Simply put; more hashes = a more secure & stronger blockchain.
It just made a new all-time high, up 70%+ YoY. pic.twitter.com/AYIKRUyFA0
— Bitcoin Birch 👨💻 (@BitcoinBirch) 9 September 2019
Companies and individuals from all over the world are actively participating in the mining process by connecting their ASIC miners to the network. These miners are rewarded for processing transactions and for making the network more secure.
Hash rate is only one of the so-called fundamentals behind the digital currency. Other fundamentals which are behind the success of this digital currency are the number of transactions and number of active addresses.
Max Keiser, a renowned Bitcoin investor, tweeted how Bitcoin is headed towards the 100 million TH/s mark. He further added how it would become a problem for the fiat currencies as the centers dedicated to these fiats will get pulled into the BTC black hole.
#Bitcoin hash set to break 100 Q. This will start to become a problem for fiat as data centers dedicated to maintaining fiat systems are pulled into the BTC black hole of true value.
— Max Keiser, tweet poet. (@maxkeiser) 8 September 2019
2020 Halving on its way
Every single block mined gives the miners a reward of 12.5 BTC which id divided by them according to their work. With the 2020 Bitcoin halving around the corner, the reward will come down to 6.25 BTC per block.
A sudden increase in Bitcoin’s hash rate could be related to expectations miners might have regarding Bitcoin’s future price. With the drop in reward, the difficulty for miners will increase, and Bitcoin’s price should grow to help miners remain competitive.
However, if things don’t go as planned, miners will be forced to shut their ASIC machines as they won’t operate at a loss. This would lead to a drop in the hash rate and cause difficulty for the people. Many cryptocurrency enthusiasts noticed this new milestone and tweeted about it.
— Bitcoin Master (@drei4u) 9 September 2019
Bitcoin, last week:
– $1 billion transaction (94,504 BTC) for $700
– Hashrate breaks all-time high
– Casa releases Sats App for all
– Dominance hits 71%
– @Bakkt Warehouse opens
– @Jack advocates bitcoin
– Argentina impose capital control
– @Trezor enables N of M recovery seeds
— XT.com Exchange (@XTexchange) 9 September 2019