Bitcoin hash rate, the computing power securing the network, has reached levels not observed lately.
WHAT MAY HAVE ‘BOTTOMED’, PEAKED.
March 19th made Bitcoin hash rate gush past 52 quintillion hashes per second according to data from Blockchain.com.
The hash rate measures the performance of bitcoin miners safeguarding the network. the hash and the resources were codependent. The rise in hash rate also translates into new miners joining the network. It has been easy on the side of new miners as the mining difficulty were off the roads.
WILL IT MAKE ITS PLACE IN THE MARKET?
The latest uptick may prove to be significant as this means that the downward trend in hash rate may now be definitely broken along with the previous spike of 50,000,000 TH/s seen in early February.
The network security is at its highest since the beginning of November 2018, marking a 4-month high nearly getting closer to the all-time record high of roughly 62,000,000 TH/s set in August 2018.
Hash rate is an important metric for judging the gush of miners who secure the Bitcoin network. To build confidence in the miners for future investments. Casa CTO, Jameson Lopp, for example, believes that miners speculate on the future price of bitcoin. Which makes it possible for miners to begin to return, as the BTC price is currently experiencing a four-week winning streak.
“Hashrate follows price,” he explains. “Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!”, says Jameson.
Wish you all the best,