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Bitcoin Remains Below $12K But Hash Rate Hits New Milestone


zycrypto.com 09 August 2019 03:51, UTC
Reading time: ~2 m

Presently, the bulls are struggling to push the price back above $12k amidst the brewing Sino-US trade wars. However, the beloved king coin’s hash rate hit a new ATH.

Bitcoin’s Hash Rate Reaches 80 Quintillion Hashes per Second

As per data from Bitinfocharts, bitcoin’s computing power has exceeded 80EH/s for the very fast time. This new record means bitcoin network is more secure as hackers would find it more time-consuming and expensive to penetrate the network to, for instance, rewrite the transactions history.

Additionally, a higher hash rate is better for miners owing to the fact that they find it easier to crack the mathematical puzzle required to find the next block and receive the reward. 

The bitcoin twitter community has been excited by the news of this new record with one enthusiast by the user name hodlonaut, noting:

“Another day, another hashrate ATH. 

First time over 80 EH/s.”

The accelerating rise in bitcoin’s hash rate has been impressive this year. Compared to other cryptocurrencies such as Bitcoin Cash and Bitcoin SV, these two are lagging behind bitcoin. Bitcoin Cash is 40 times (80.2 E) behind BTC while Bitcoin SV is almost 80 times (1.1 E) behind.

Bitcoin (BTC) Price To Follow?

An increased computing power means more miners are about to join the bitcoin network. This could culminate in a price rally. Presently, however, bitcoin has shed 1.31% in the last 24-hour period to trade at $11,618.46 as per CoinMarketCap. Nevertheless, bitcoin bulls are unperturbed.  Josh Rager expressed that he was not worried about bitcoin slumping to $9,000 or even lower. He noted:

“#BTC price now sitting at weekly support on higher time frames. As long as the price holds above $11,000, I’m not really concerned about revisiting $9ks again or lower. It’s far riskier being bearish at this point in time. Take it day by day and week by week.”

In the meantime, analyst and journalist at RT, Max Keiser reacted to this good news of bitcoin’s hash rate. He doubled down on his belief that the hash rate drives prices higher. 

“Hashrate leads price. 80 quintillion high means we’re on track. #Bitcoin,” he tweeted.

Hash rate is a good sign of overall network health and as it appears, bitcoin’s hash rate keeps soaring. Bitcoin network’s transactions have also been rising so it is safe to say that under the hood, things are looking up. As May’s halving nears, these underlying metrics draw attention to the fact that bitcoin is now capable of handling growth spurts.

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