Hash Rate Of Bitcoin Network Hit New All-Time Highs To Mark Crypto’s Latest Technical Achievement
Hash Rate Of Bitcoin Network Hit New All-Time Highs To Mark Crypto’s Latest Technical Achievement
January 18, 2020
Hash Rate Of Bitcoin Network Hit New All-Time Highs To Mark Crypto’s Latest Technical Achievement
Hash Rate Of Bitcoin Network Hit New All-Time Highs To Mark Crypto’s Latest Technical Achievement
January 18, 2020

The mean hash rate of the Bitcoin (BTC) network has hit new all-time highs to mark the cryptocurrency’s latest technical achievement.

It has been reported by Glassnode that a new analysis of Bitcoin’s historical hash rate shows that on January 7, the mean value reached 119 quintillion hashes per second, its best ever at the time.

Hash rate refers to the amount of computing power miners are using to validate the Bitcoin blockchain. A large hash rate can also be taken as a statement of the attractiveness of mining for participants.

However, Glassnode’s reading derives from the one-day moving average hash rate calculation. While the hash rate is impossible to measure exactly, the data supports other estimates showing the metric hit new records in recent weeks and months. 

As it has been reported, various statistics resources have confirmed the uptrend, with the highest reading approaching 150 quintillion hashes per second this week.

According to Glassnode, the mean hash rate low of 36 quintillion hashes per second, which formed the basis for recent growth, occurred in late April 2019.

In the meantime, this year, Bitcoin has already exhibited multiple signs a bullish transformation is once again underway. Alongside hash rate, commentators have highlighted increased trading activity among Bitcoin futures investors. 

ALSO READ :  BitMEX Launches A New Ether-Based Futures Contract On Its Trading Platform

Last week, the metric progressed 6%, while another 6-7% is on the cards at the next adjustment in nine days’ time. 

Thus, anticipation has also been building around Bitcoin price action for the coming twelve months, with industry figures going on record to predict new all-time highs for BTC/USD before 2021.

Source: studio.glassnode.com | cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!