BTC Hash Rate Skyrockets By 40% In 2019 Reaching An All-Time High

BTC hash rate is reaching 59K according to the data gathered on May 2 which means that there is an increase of almost 40% since the start of this year. The altcoin news below has a broader explanation of why this could be happening.

The Bitcoin price has increased over the past few weeks which show that the interest in the number one cryptocurrency is renewing. This could be one of the possible reasons why the BTC hash rate is increasing as well. The data shows that the hash rate was sitting at 48,003,252 but on May 2 it suddenly increased.

BTC hash rate is ‘’the estimated number of terra hashes per second (trillions of hashes per second) the Bitcoin network is performing’’ which is what you will read on the Blockchain.com website. According to their charts, the HR even peaked up to 60,089,527 back in 2018 in September but it later dropped immensely all the way down to 31,998,005 on December 2.

Another one of the best cryptocurrency news sites Cryptopotato provided a full explanation on what the BTC hash rate is and why does it necessarily correlate with the number of nodes that mine the cryptocurrency. When the number of miners is bigger, the hash rate usually also increases. The article from the website stated:

 “What many in the space have come to observe is that the hash rate is directly correlated with the Bitcoin network difficulty, which increases as more miners enter the network. A declining hash rate also means there is less profitability in mining, which leads to miners shutting down their mines or moving to mine other coins.”

As the numbers are standing at the moment, there seems like the interest in bitcoin mining is increasing as well. The Bitcoin price is also correlated with the BTC hash rate. When the price fell down from the $6,000 level, the miners quickly left the network. This happened in December last year when the hash rate levels reached ALH lows. However, during the bitcoin price skyrocket in 2018, the hash rate didn’t increase significantly which is also interesting to point out.

The Counterparty Foundation founder Chris Derose also provided a brief explanation on the BTC hash rate in a YouTube video a couple of years ago. He says that the hash rate could indicate how healthy the network is. Derose also believes that the HR levels show the interest in the network as well.