As the Bitcoin rally continues it seems that the hash rate for the cryptocurrency has hit an all-time high.
On August 19th, the crypto marketcap leaders hash rate has continued to smash previous records throughout summer and today hit an amazing 82.5 TH/s.
Top crypto commentator Kaiser has commented saying:
“The hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. A higher hash rate means greater competition among miners to validate new blocks; it also increases the amount of resources needed for performing a 51% attack, making the network more secure.”
Remember Bitcoin’s halving event remains some time away in May 2020 this is a pre-coded 50% reduction of block rewards for miners. This is when the reward for the miner is dropped by 50%.
What is the hash rate?
According to Hashgains.com, a hash rate is the measure of miner's performance. In other words, it is the hash function's output or it is the speed at which a miner solves the Bitcoin code. Hash per second represents SHA-256 algorithms that are used per second, known as hash rate.
A higher hash rate is better when mining as it increases your opportunity of finding the next block and receiving the reward.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.