Crypto Milestone: Bitcoin Hash Rate Sets Record With New All-Time High
Bitcoin is clocking its latest breakthrough: its hash rate has reached a new all-time high, according to data compiled by Blockchain.com. The network is now processing 83.5 TH/s (trillion ‘tera’ hashes per second).
The previous record was set on August 18 at 82.5 TH/s. The one-year chart shows Bitcoin’s massive hash-rate rebound since hitting a bottom of 35.8 TH/s in February.
The hash rate is a fundamental indicator that measures the processing power of the Bitcoin network. It’s the speed at which a miner completes an operation, and its rise signifies the overall strength of the network, which has been up and running since Satoshi Nakamoto mined the first Bitcoin block in January of 2009.
The rising hash rate also increases the level of security on the network, feeding into the notion of longevity, investor confidence and a growing global appetite for Bitcoin. The more miners and the higher the hash rate, the harder it is to hijack the blockchain in a 51 percent attack.
While opponents point out that a rising hash rate means more energy consumption as miners are more incentivized, researchers estimate that renewable energy is powering over 74% of Bitcoin mining.
With respect to price, some crypto analysts look to an uptick in hash rate as a bullish signal.
Says analyst Max Keiser,
“Price follows hashrate and hashrate chart continues its 9 yr bull market.”
Bitcoin is up .39% at $9,567, having fallen $900 over the past seven days. Year-to-date BTC is up 156% from $3,736. The hash rate for the same time period has risen 98%, up from 42.1 TH/s at the start of the year.