Bitcoin Hashrate Made a New All-Time High, Bitcoin Preparing to Break $12,000
Bitcoin network has passed another milestone on 6 Aug as the Bitcoin network hash rate hit a new all-time high.
According to Blockchain.info chart, Bitcoin hashrate 79.9 quintillions SHA256 hashes per second on 6 Aug, this is a new record for Bitcoin hash rate.
Bitcoin Hashrate Continue the Uptrend
Bitcoin hashrate is the total computing power of the network used to validate BTC transactions. The more hash rate means it is more difficult and more expensive for the attacker to alter the network.
As reported by Bitcoinik, the hash rate has made new all-time highs in the recent months after finding a bottom in Dec 2018 (the major crash of Bitcoin to $3200).
Bitcoin hashrate is not the only factor that makes a new all-time high, mining difficulty and daily trading volume have also shown the same uptrend.
Hashrate will boost the confidence of investors as the Bitcoin network is much more secure at any point of its history. The past year 2018 is not good for price perspective but a lot of development has been made in the Bitcoin network that makes it more faster and economical.
Along with Bitcoin hashrate, mining difficulty has also hit a new all-time high. Mining difficulty shows the competition between miners to calculate the hash of the next block and earn the block reward. Mining difficulty will continue to increase as Bitcoin halving is coming in May 2020. Halving is a process that reduces block per reward to its half (from 12.5 BTC reward per block to 6.25 BTC).
Bitcoin hashrate and mining difficulty will not affect the price instantly but have positive effects in the long run.
