Reliable data from monitoring platform Blockchain revealed on Wednesday that Bitcoin’s hash rate has reached a new high of 102.8 quintillion hashes. The latest new record comes after several records this year.
Hash rate is the total computing power that is necessary in the processing of Bitcoin transactions. A higher hash rate implies that there are many Bitcoin miners out there. The high hash rate also signifies that Bitcoin network is more secure at the moment and cannot be easily infiltrated.
Bitcoin’s hash rate has been on the rise since December 2018 when it was at 31 quintillion hashes per second. The new high means that the hash rate has increased by about 230% since December 2018.
Bulls Excited by the New Hash Rate
Following the revelation of new hash rate, majority of Bitcoin worshippers have shown enthusiasm going by their comments. However, the high hash rate comes at a time when Bitcoin has registered a slight decline in its value trading below the $10,000 mark.
Many commentators remain optimistic that the new hash rate may trigger a price increase for Bitcoin in the near future.
In his twitter account, Lightning Torch organizer Hodlonaut, stated that the new hash rate figures highlight that miners have high confidence in Bitcoin. He forecasted that Bitcoin’s price may rise by 11.85% in the near future. He stated:
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase.”
Majority of Bitcoin worshippers have given their bullish forecasts with some remaining adamant that the king coin will reach a fresh historical high before the end of the year. It remains to be seen whether the prices will follow the hash rate growth. Keep it here as we will keep a hawkish eye on the developments in the market following the new high in hash rate.