The latest cryptocurrency news bring Bitcoin in the focus for a new record and hitting a milestone this week in its hash rate. According to data from the monitoring resource Bitinfocharts, the Bitcoin network hash rate has hit 80 quintillion SHA256 per second on August 8 – the first time such a level has ever been reached.
For those of you who don’t know or haven’t been following the best cryptocurrency news sites talking about this topic, the hash rate is basically the amount of computing power used to validate the Bitcoin transactions. The more power is in the Bitcoin network hash rate, the costlier it becomes for malicious actors to attack the network.
As we reported a lot of times before, the hash rate has set multiple new all-time highs throughout the recent months. It reversed a downward trend as well, characterizing the second half of the 2018 Bitcoin bear market. The metric is one of the many which have set personal bests this year. Among the others were difficulty and volume which have also grown.
The Bitcoin network hash rate strength is definitely a trigger of a bullish sentiment among many Bitcoin proponents who are certain that during the cryprotcurrency’s all-time price high in December 2017 – the same metrics were markedly lower.
As such, they argue that the Bitcoin network hash rate is a clear indicator that Bitcoin is better equipped for growth now than then – and that the Bitcoin and altcoin news can be more than just positive in the coming months. In other words, we could expect a new Bitcoin all time high, as many famous analysts said in the recent updates.
When the growth of Bitcoin will kick in is still uncertain. There are a lot of opinions which are floating around. The main thing right now is the block size reward halving for Bitcoin which is expected to occur in May this year. Before that, miners will ensure that the markets are above the lows seen in the past year. One analyst has even predicted a Bitcoin floor at around $6,500, but not many followed his prediction.
At press time, the price of Bitcoin is at $11,635 with a 1% loss on the day.
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