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Myth Busted: Bitcoin hashrate doubles as price drops further

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Malaki Braydon
Malaki Braydon
Braydon has been into the crypto and blockchain space from the past 7 years. Based in New York City, Braydon has completed his masters from Kingsborough Community College.

Bitcoins broke the myth of hashrate-price parallel working when the hashrate suffered a drop of 40% after reaching an all-time high just a few days before. The data monitored showed that the hashrate dropped from 104 quintillion hashes per second(h/s) to 57 quintillion hashes on 23rd September.

The hashrate doubled again the very next day by reaching 114 quintillion h/s and aimed for the all-time high of 121 quintillion h/s. The standard theory that the Bitcoin commentators follow is that BTC price depends on the hash rate movements, and it was proved wrong with the recent drop.

Technical sources, however, explained that hash rate charts on the internet give a little idea of the computing power involved in Bitcoin. According to them, the hash rate is unmeasurable, and the statistics that we see are an estimate of how the things are working.

If the current statistics are reliable, then Bitcoins hash rate is moving upwards towards the all-time high mark, and this has nothing to do with the recent drop in Bitcoins price drop.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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