The Bitcoin network computing power is in the latest cryptocurrency news for growing about 25% in a single week. According to data from the monitoring resource Blockchain, Bitcoin’s hash rate is now at 87 quintillion hashes per second (h/s) as of September 3.
The figure managed to pass 80 quintillion h/s for the first time in early August and set new highs on an almost daily basis in the recent months. For those of you who don’t follow, the Bitcoin network computing power has a hash rate – which refers to the overall computing power involved in processing Bitcoin transactions. The greater this metric is, the more power is available and the more secure the Bitcoin network is.
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On top of this, a rising hash rate means that the forward looking miners are investing more amounts of resources to expand their operations. In other words, they are “betting on Bitcoin’s value” to increase in the near future.
Many best cryptocurrency news sites showed that miners have piled into Bitcoin again in 2019 after the hash rate slump which occurred last year. This was all accompanied by a price bull run starting April 1. Currently, the commentators believe that the further gains for the hash rate and price are on the horizon.
“The race to mine the last 3 million Bitcoin will keep hashrate growing rapidly for the next few years,” the Blockstream CSO Samson Mow wrote on Twitter on Monday.
Miners have piled into Bitcoin again this year after the last year hash rate slump. The Bitcoin network computing power is now at a high and is accompanied by a price bull run which began on April 1.
Max Keiser was also featured in the Bitcoin and altcoin news for pointing to the ongoing political upheaval in the United Kingdom as what is fuelling the Bitcoin price. “Bitcoin hash rate continues strong upturn. Price follows hash. Chaos as UK melts down bringing in panic buying from Brits, reportedly,” he noted just before press time this Wednesday.
Meanwhile, the BTC/USD pair made sudden gains at the start of this week and rose by around 10% since the weekend. Currently, Bitcoin is at $10,543 with a market cap of $188 billion and a daily trading volume at around $19 billion.
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