Bitcoin hash rate (total computing power of the network) makes a new all-time high this week, as per the data gave by Blockchain.com on 19 June.
Bitcoin hash rate reached 65.19 trillion hashes per second (TH/s). The hash power is increasing daily and gains more than 80 percent from the last 60 days.
Max Keiser a Bitcoin investor and supporter tweeted:
Hashrate (more often than not) leads price. This is something not even #Bitcoin’s most ardent supporters understand. It’s the heart of the incentive scheme. It’s Satoshi’s ability to hack humans to create Gold 2.0.
The previous all-time was of 60 Trillion back in September 2018 which is broken easily and the hash rate continues the uptrend.
Bitcoin hash rate drops from September 2018 and hits a low of 30 Trillion in December 2018. Bitcoin price reacts to hash power drop and touched a bottom of $3200.
Bitcoin price is not directly related to hash rate, but hash rate increase means more computation power is added to the network and makes the network stronger against attacks.
Bitcoin mining difficulty increase with the hash rate that will increase the mining cost and there is a good chance of price to shot up. All things are related to each other. The price will depend on supply and demand.
Bitcoin block halving is coming which will reduce the block per reward and the inflation rate of new Bitcoin creation. Bitcoin halving will be held in May 2020.