Bitcoin Hash Rate Witnesses Impressive Spike Thanks To Recent Price Activities

Bitcoin Hash Rate Witnesses Impressive Spike Thanks To Recent Price Activities

New data release indicates that the Bitcoin network’s mean hash rate has just reached its all-time high as a reflection of the digital currency’s most recent technical accomplishment.

Composed by innovative on-chain metrics provider Glassnode, a recent evaluation of Bitcoin’s historical hash rate reveals that on the 7th of January, the valuation of the mean surpassed 119 quintillion hashes per second, which is its highest attainment.

Bitcoin Hashes History
A hash rate is the quantity of computing power miners use in validating Bitcoin’s blockchain. A massive hash rate can also be interpreted as how attractive mining that blockchain may be for concerned parties.

The metrics provider’s review is gotten from the one-day moving average hash rate computation. While it might be relatively inconceivable to attain an exact measure, the data aligns with other assessments that indicate that the metric has achieved new records in recent weeks.

Based on a recent news release, several statistical sources have corroborated the upward growth being exhibited by Bitcoin, with the current value set to reach 150 quintillion hashes per second this week.

Glassnode remarks that growth has been rapid. They also added that the lowest point of the has rate was 36 quintillion hashes per second and was recorded in early 2019.

Consistent Increase In Difficulty
Already, Bitcoin has dropped many signals that a bullish run is set to occur this year. Aside from hashes, Bitcoin’s trading activities have also witnessed a huge spike.

Mining difficulty which was previously witnessing a steady erosion is now on the rise. Last week, the metric recorded a 6% increase, while expecting another 6-8% correction in the next 9 days.

There are high expectations for the price of Bitcoin for the coming 12 months. Bitcoin is expected to reach an unbelievable all-time high before 2021.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.