The Bitcoin network reached another record in terms of its Hash-Rate, even though BTC had to lose in a single day, more than 500 US dollars. In addition, the network is on the verge of another milestone.
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Network fundamentals improve, despite the price crash
Data from Blockchain.com show: The Hash Rate of the Bitcoin network is currently at 114 trillion Hashes per second (114 million Tera Hashes per second TH/s). This number represents a new record for the computing power that is needed to secure the network.
Since the beginning of 2019 Bitcoins Hash Rate is growing continuously and regularly sets new highs. A look at the 7-day average values shows that The Bitcoin Hash Rate has increased since the beginning of the year to almost 140%.
The increase of computing power seems to be bitcoin Hash Rate of the new milestone of 120 trillion Hashes per second out of it. However, there are differences of opinion about how the Hash Rate of the network is to be measured.
So it is not unusual that different platforms provide different Hash Rates, Coin Dance shows the computational potential of the network, the achieved at the beginning of the year 134 trillion Hashes per second. Regardless of the platform the Figures, however, show the same Trend, the Bitcoin Hash Rate has been increasing since the beginning of the year steadily.
The current Hash-rate output means, a further correction of the upward problem. The Bitcoin Mining activity has increased since the Hash Rate Crash in December that triggered the concern, a Miner could throw in the towel, again.
Despite today’s price action, the implied #Bitcoin hash rate continues to reach all time highs, currently sitting at 115 exahashes per second! pic.twitter.com/cBpa9mvhGy
— CoinMetrics.io (@coinmetrics) 23. October 2019
Bitmain is going to open a Mega-Mining facility in Rochdale, Texas. The Bitcoin-Mining-giant is the youngest player in the sector, expanding its activities further, while the competition on the market.
Bitcoin price to continue fighting
Apart from the solid fundamentals of the Bitcoin spot price is still from yesterday’s (23. October) $500-low-point-dependent. The best-placed crypto-currency is now at its lowest price level in five months.
Joe DiPasquale, CEO of crypto-investment company BitBull Capital, attributes the price decline to a quick Liquidation of $ 200 million of Bitcoin. DiPasquale this:
“Smart Money has sold before today’s (Libra)-hearings. Investors seem to be in front of the hearing have become cautious, you have limited your exposure to crypto. We assume that the BTC-price for at least the next 24 hours, if not until Monday, will remain under pressure.“
Also an influx of BTC was detected movements in the direction of the stock market that suggests may be on a massive closeout. In the meantime, James Bennet of the Byte Tree (Coin explains Update reported) that there has been a significant decline in the Bitcoin network speed because the Trading is shifted in the direction of the Tether (USDT).
Text evidence: Bitcoinis, OSATO AVAN-NOMAYO