Bitcoin Hash Rate Recorded An Average High of $129 TH/s
Bitcoin hash rates have reached a new high – and the price of bitcoin continues to face resistance to exceed $12,000. As the price continues to face opposition at $12k, the average hash rate of the world’s most popular cryptocurrency, Bitcoin, has surpassed 129TH/ s for the first time in history.
A Data report from Blockchain.com has already confirmed that the average hash rate of bitcoin hit a new high of 129.075 TH/s on August 15, according to a report by the Bitcoin Foundation.
The hash rate is the processing power that miners spend to process Bitcoin transactions (BTC). There is generally a strong correlation between hash rate and price, and a higher average suggests that miners have more confidence in profitability.
Bitcoin rose to $12,000 on August 15 before falling back to between $11,700 and $11,900 over the weekend. The BTC price has since continued to decline below $12,000 and remains above the $11,000 level.
Bitcoin investor Max Keiser has said billionaire Warren Buffett’s recent investment in gold could push up the price of BTC to as much as $50,000. Bitcoin may be more correlated with gold than in the past.
Still, prices for both have proved more correlated in recent months, as many investors have used the gold market as a hedge against the Federal Reserve and other central banks responding to pandemics. The price of gold passed the $2,000 an ounce mark in August, while bitcoin is currently trading at about $11,900.
