Bitcoin (BTC) now has more computing power behind its security than ever before, passing another milestone as hash rate reaches an all-time high.
Data from monitoring resource Blockchain confirmed that the Bitcoin network’s total hash rate reached a peak of 79 tera hashes per second (TH/s) on July 20.
Bitcoin network hash rate, courtesy of Blockchain.info
Broadly accepted as a measure of how robust Bitcoin’s transaction security has become, hash rate has broken multiple records in recent weeks and months. As Cointelegraph reported, more recent all-time highs had come around June 21 (65 trillion TH/s) and July 1 (70 trillion TH/s).
The figure subsided over the weekend after hitting the 79 trillion mark. On Sunday, the most recent day for which data is available, the hash rate total was recorded at 67.1 trillion TH/s, regularly fluctuating while still setting a general upward trend. In other words, the Bitcoin network now has almost eight times the computing power it had when the price of bitcoin was around $20,000 in late 2017.
The record nonetheless came despite a pause in the gains for the Bitcoin price, which fell off recent highs of $13,800 two weeks ago.
Since then, regulatory pressure has seen markets dip as low as $9,125, something which failed to weigh on network performance. As Cointelegraph noted, Bitcoin’s transaction fees also remain low, despite fluctuations in price and volume.
Mining performance, which has turned a corner since the bottom of the Bitcoin bull market in December 2018, will now increasingly revolve around the May 2020 block reward halving.
That was the conclusion drawn by new analysis from regular trader Filb Filb last week, who noted the Bitcoin price would likely see more influence from miners over the next year.
The block reward halving will see the amount of ‘new’ Bitcoin miners can claim per block of verified transactions decrease from 12.5 BTC to 6.25 BTC.
Bitcoin’s mining difficulty, which has also hit new highs recently, will likely see further increases of its own as hash rate continues to expand.
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.
Recommended Content
Editors’ Picks
XRP price extends losses on Tuesday, risks decline below support at $0.60
XRP price dropped closer to its psychologically important support level at $0.60 on Tuesday amidst a steep correction in the crypto ecosystem. Most of the top 30 cryptocurrencies by market capitalization have noted a decline in their prices on March 19.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market crashes. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late. AVAX’s good fortune comes ahead of the Game Developers Conference.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin downside momentum strengthens, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.