Bitcoin hash rate record has been surpassed once again as the network rate exploded in power despite the price trading sideways. As per the reports in the coming altcoin news, we can see there is an exciting new trend for Bitcoin’s $10204.3, 0.23% hash rate which is standing now at a new all-time high of 94 quintillion hashes per second.
The figure spent most of the recent months on a rapid path upwards but the progress has accelerated in the recent weeks as we can see from the data. If the action continues, Bitcoin could see its first-ever-three-figure hash rate record levels in just a few days. The hash rate refers to the computing powers that the miners dedicate to process bitcoin transactions. This means that when there are more hashes, the stronger and more secure the Bitcoin blockchain is. Just as a comparison of how quickly this metric progressed, in September 2018, the hash rate was around 55 quintillion h/s.
This impressive performance caught the eye of the commentators with one, in particular, stating that his belief subdued the markets and will only soon follow hash rate in the bullish trend. According to RT’s Max Keiser, Bitcoin’s price follows the increases in hash rate with hash rate lows boosting the start of the bull markets. This was the case at the start of this year when the mining power began expanding after six months of contraction. Just a few months later, Bitcoin’s price began a month-long bull run. Now he explains that the pace of the cryptocurrency’s gain will create difficulties for the fiat currencies:
“Bitcoin hash (rate) set to break 100 (quintillion h/s). This will start to become a problem for fiat as data centers dedicated to maintaining fiat systems are pulled into the BTC black hole of true value.”
Keiser explained the theory about sound money. Bitcoin is a finite currency which is very hard to produce and therefore will become more preferable to savers over fiat. Fiat coins and paper is much easier to produce but involves a lot of human effort in the form of central banks keeping the markets afloat. As the economics professor, Saifedean Ammous pointed out that the energy is better spent on activities which are more productive for humanity and is common feature unsound money at a risk of collapse as we discussed in the latest cryptocurrency news.
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