Cryptocurrency

Bull-Run in Numbers: The Bitcoin network is just a new Hashrate-highs climbed

The Hash Rate of Bitcoin has reached new highs.The upcoming difficulty adjustment will most likely increase by almost 10%.These statistics give information about the activity in the network, but are not necessarily an indicator of future price changes.

The current Hash-Rate and the upcoming adaptation of the difficulty to show the General strength of the Bitcoin network.

The Hash Rate of Bitcoin has reached 129 million, TH/s, a new all-time high. The previous ATH was on 28. July of this year, at just under 127 million TH/s.

After the last halving, on 11. May the Hash Rate dropped significantly and fell to just over 90 million TH/s. The Rate has, however, quickly, as the Miner entered back into the grid.

By halving the reward for Mining a single block of 12.5 BTC fell to 6.25 BTC. With the decline in the Hash Rate dropped, because the Miner, which used obsolete equipment, were forced to sell stored Bitcoins, and to cease operation.

Bitcoin hash rate graph of Blockchain.com

These dramatic shifts in the Hash Rate are not surprising. Mining is a costly business, and therefore the decisions of the Miner can have lasting financial consequences.

If the price of Bitcoin rises, the reward for the removal of a single block.

The increase in Hash Rate has triggered an increase in Mining difficulty. The difficulty is the complexity of the equation that must be solved in the next Block down.

Bitcoin miners secure the network

If the price of Bitcoin rises, the Miner for the financial risks to the network to reduce. With increasing Mining activity, however, must tick the built-in Difficulty adjustments on the network, inevitably, upwards.

The upcoming difficulty adjustment is estimated to be almost 10%. In the adaptation of the network difficulties have there been in the last few months, significant shifts, with the largest increase since January of 2018 took place last June.

These statistics, however, provide little information for the prediction of future changes in the market. Hash Rate and difficulty can indicate what buyers are willing to pay for BTC.

These Figures reflect, however, that the Miner are working actively on the network. And this is good news, because of the increasing activity in the network shows an increase in acceptance, which could also lead to future price growth.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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