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Tuesday, August 18, 2020

BITCOIN HASHRATE REACHES A RECORD HIGH OF 130 EH / S, AS BTC PRICE FACES RESISTANCE AT $ 12,000

 



     Bitcoin's seven-day average hashrate has reached a new all-time high of 130 exahash per second (EH / s) - a feat that is likely to positively impact asset prices, while increasing the fundamental strength of the Bitcoin network.


 According to the latest data from charts.Bitcoin.com, a previous peak of around 127 EH / s was recorded on July 28th. Bitcoin (BTC) hashrate fell sharply after the last half on May 11, dropping to around 90 EH / s, as miners with old, inefficient mining rigs closed shop.

However, the decline was quickly reversed as miners re-entered the network. Bitcoin's scheduled supply cut reduces the miner's bonus by 50% to 6.25 BTC per block. Overall, Bitcoin's processing power has grown by over 77% since August 10, 2019.




Hashrate is a measure of the power of a computer connected to the Bitcoin blockchain, which determines its ability to generate new coins. Increasing hash power shows that miners are optimistic about making a profit.

This might also affect bitcoin prices higher, given the strong correlation between the two. But the relationship is not exactly linear, as it is difficult to measure future price changes based solely on the hashrate, so things can turn out differently.

The good thing is that when miners use more computing power to process bitcoin transactions, it helps secure the network against 51% attacks - a situation that allows rogue miners to hijack the system and spend twice the coins.

At time of writing, each BTC was trading at $ 11,888, up 1.1% over the past 24 hours, according to data from Markets.Bitcoin.com.

The top cryptocurrency has struggled to break resistance at $ 12,000, remaining capped in the $ 11,200 to $ 11,800 range for several weeks now. Some experts predict the price will hit $ 28,000 by the end of the year.

    What do you think about the increasing Bitcoin hashrate? Let us know in the comments section below.

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