Bitcoin Hash Rate Hits New Highs
The average hash rate of the Bitcoin (BTC) network has reached fresh all-time highs as per data compiled by Glassnode, which builds applications to deliver in depth knowledge about blockchain and cryptocurrency.
The latest data published by Glassnode indicates that the hash rate hit 119 quintillion per second and set a new record.
Hash rate underlines the computing power used by miners to authenticate the Bitcoin blockchain. An increase in hash rate indicates that blockchain is more safe as it requires huge capital and computing power to take control over the chain.
Furthermore, an increase in hash rate also indicates that mining is turning out to be attractive for participants.
Glassnode’s data is extracted from the daily moving average of hash rate. Even though hash rate is difficult to be measured precisely, the data backs other calculations indicating the metric hitting historical highs in the past few months.
Several statistics resources have affirmed the increase in hash rate, with the peak reading nearing 150 quintillion hashes per second earlier this week. The increase has been sharp. As per Glassnode, the lowest average hash rate of 36 quintillion hashes per second, which formed the base for the recent rally, was recorded in late April last year.
In the meantime, this year, Bitcoin has already displayed several signs of bullishness. In addition to hash rate, commentators have underlined rising trading activity among speculators of Bitcoin futures.
Mining difficulty, which had earlier recorded a decrease, is now rising. A week before, mining difficulty increased 6%, while another increase of 6% to 7% is likely around the upcoming adjustment in eight days’ time.
The crypto market is also eagerly looking for a rally in Bitcoin as many prominent individuals in the industry have forecast the BTC/USD pair to hit new high before 2021.