Bitcoin (BTC) saw a sharp increase in its computing power again after its network hash rate increased by 25% in one week.
Hash rate hits record high
Monitoring resource data Block chain puts Bitcoin’s hash rate at 87 quintillion hashes per second (h / s) as of September 3.
Bitcoin network hash rate. Source: Block chain
The figure topped 80 quintillion hours / s for the first time in early August and has reached new highs almost daily in recent months.
Hash rate refers to the overall computing power involved in processing Bitcoin transactions. The higher the metric, the greater the available power, and therefore the more secure the Bitcoin network.
Additionally, an increasing hash rate means that forward-looking miners are investing vast amounts of resources to expand their operations, i.e. betting on the value of Bitcoin to rise in the future.
Keizer: “The price follows the hash”
Miners crammed into Bitcoin again in 2019 after the hash rate fell last year, something accompanied by a price hike from April 1.
Now commentators believe further gains for hash rate and price are on the horizon.
“The race to mine the last 3 million Bitcoins will keep the hashrate growing rapidly over the next few years”, Blockstream CSO, Samson Mow, wrote on Twitter Monday.
RT host Max Keizer, meanwhile, pointed out that the ongoing political upheavals in the UK are fueling the price of Bitcoin.
“The Bitcoin hash rate continues to recover strongly. The price follows the hash. Chaos as UK collapses causing panic buying from Brits it seems, ”he said theorized just before press time on Wednesday.
BTC / USD made sudden gains at the start of the week, rising nearly 10% since the weekend.