The latest Bitcoin news show that miners have set a fresh all-time high in terms of computing power which they are willing to dedicate to validating transactions. The update comes as Bitcoin reclaims $9k in a new surge, while the hashrate increases to a new all-time high at 150 quintillion hashes per second (h/s)
As data from the monitoring service Coin Dance shows on March 5, the BTC network hashrate may have passed 150 quintillion hashes per second which is its best performance in history. And for those of you who don’t know, hash rate is the key to ensuring the security of the Bitcoin network. It also acts as an indication of its profitability for miners who validate the blockchain.
Recently, Bitcoin has exhibited consistent records in this respect, regardless of whether the price has been rising or falling. Now as Bitcoin reclaims $9k, there is a new record which comes right after the 12% drop which the most dominant coin suffered last week.
“This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong,” said Anthony Pompliano who is the Morgan Creek Digital co-founder while tweeting a new update after the BTC hash rate hit 136 quintillion h/s.
The cryptocurrency news today also show that hash rate calculations are at best estimates and significant movements for the coin (whether up or down) should not be taken as an indication of exact miner participation.
Other analysts voiced their excitement as Bitcoin reclaims $9k. The RT host Max Keiser said that hash rate achievements tend to come in advance of copycat moves in price. Anyways, what is more important is that a return below $9,000 has failed to dent the confidence of many Bitcoin supporters who were engaged in technical analysis of the largest cryptocurrency.
Among them, we could see Willy Woo who this week said that Bitcoin could reach $135,000 if all goes well in the next few months. When asked about why this is the level he is backing, Woo said that such levels for BTC are a “common sense prediction.”
Right now, Bitcoin (BTC) is trading at $9,115 with a 4% increase on the day. The entire top 10 coin list has added positive gains overnight.
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