Fun

Bitcoin’s Hashrate Hits Record High 130 EH/s, as BTC Price Faces Resistance at $12,000

News Feed - 2020-08-17 10:08:29

Bitcoin"s Hashrate Hits Record High 130 EH/s, as BTC Price Faces Resistance at $12,000


Bitcoin’s seven-day average hashrate has reached a new all-time high of 130 exahash per second (EH/s) – a feat that might positively influence the asset’s price, while adding to the fundamental strength of the Bitcoin network.


According to the latest data from charts.Bitcoin.com, the previous peak of about 127 EH/s was recorded on July 28. The Bitcoin (BTC) hashrate dropped sharply after the last halving on May 11, falling to about 90 EH/s, as miners with old, inefficient mining rigs closed shop.


However, the decline was quickly reversed as miners re-entered the network. Bitcoin’s scheduled supply cut reduced miner bonuses by 50% to 6.25 BTC per block. Overall, the processing power of Bitcoin has grown by more than 77% since August 10, 2019.Bitcoin (BTC) global hashrate according to data from charts.Bitcoin.com on Monday, August 17, 2020, at 9:00 a.m. ET.


Hashrate is a measure of the power of the computers linked to the Bitcoin blockchain, which determines their ability to produce new coins. Increasing hash power suggests miners are optimistic about making profits.


This might as well influence the price of bitcoin higher, given the strong correlation between the two. But the relationship is not exactly as linear, because it is difficult to gauge future price changes based on hashrate alone, so things can turn out differently.


The good thing is that when miners commit more computing power to process bitcoin transactions, that helps secure the network against 51% attacks – a situation that could allow rogue miners to hijack the system and double-spend some coins.


At the time of writing, each BTC is trading for $11,888, up 1.1% over the last 24 hours, as per data from markets.Bitcoin.com.


The top cryptocurrency has struggled to break resistance at $12,000, remaining capped in the $11,200 to $11,800 range for a couple of weeks now. Some pundits expect the price to hit $28,000 by year-end.


What do you think about Bitcoin’s rising hashrate? Let us know in the comments section below.Miner Hut 8 Reports Q2 Revenue Plunged 67% to $6.9 Million Due to Bitcoin HalvingMINING | 3 days agoChinese Bitcoin Miners Develop Strong Relationships and Crypto Mining Facilities in IranMINING | 4 days agoTags in this story51% attack, Bitcoin hashrate, Bitcoin mining, Bitcoin network, Bitcoin third halving, Charts.Bitcoin.com, hash power


Image Credits: Shutterstock, Pixabay, Wiki CommonsUse Bitcoin and Bitcoin Cash to play online casino games here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

Ethereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether Withdrawals
Ethereum Developers Prepare to Deploy Shanghai Public Testnet, Focus on Staked Ether Withdrawals According to the Jan. 5, 2023 All Core Devs (ACD) meeting, Ethereum developers are
Rakesh Upadhyay14 hours agoBitcoin flatlines again, but TON, LINK, MKR, XTZ are poised for up-moveBitcoin’s failed breakout to the upside shows that the range-bound action could continue for some time, but that may not
Dogecoin Bollinger Squeeze Signals ‘Huge Move’ Ahead, Analyst Warns
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
CEO of defunct yield protocol says user deposits weren’t 'principal protected'
Zhiyuan Sun8 hours agoCEO of defunct yield protocol says user deposits weren’t "principal protected"The South Korean platform Delio collapsed last year due to counterparty exposure to Haru Invest, another South Korean
3 FTX Execs Have Snitched on SBF, Now Scrutiny Is Aimed at Nishad Singh and Ramnik Arora
3 FTX Execs Have Snitched on SBF, Now Scrutiny Is Aimed at Nishad Singh and Ramnik Arora On Dec. 21, U.S. law enforcement officials from the Southern District of New York (SDNY), t
BlackRock aware that RWAs are ‘multitrillion-dollar opportunity’ — Kinto co-founder
Nancy Lubale2 hours agoBlackRock aware that RWAs are ‘multitrillion-dollar opportunity’ — Kinto co-founderKinto co-founder Victor Sanchez says real-world asset tokenization could be the future of finance and explai
Memecoin ‘mastermind’ Sahil likely made $3M from ‘Celeb meta’ — ZachXBT
Tom Mitchelhill2 hours agoMemecoin ‘mastermind’ Sahil likely made $3M from ‘Celeb meta’ — ZachXBTSahil Arora is estimated to have netted around $3 million dollars this year for his efforts in launching memecoin
Bitcoin trades in ‘enthusiastic’ phase as data hints at upcoming range expansion
Nancy Lubale2 hours agoBitcoin trades in ‘enthusiastic’ phase as data hints at upcoming range expansionBitcoin’s volatility is compressing, which is a sign that a sharp range expansion is brewing.1188 Total views1
Binance Fully Resumes EUR and GBP Deposits and Withdrawals via SEPA, Faster Payments
Binance Fully Resumes EUR and GBP Deposits and Withdrawals via SEPA, Faster Payments Cryptocurrency exchange Binance has fully resumed EUR and GBP deposits and withdrawals via the
Turner Wright3 hours agoCrypto.com petitions US court to uphold arbitration decision for mistakenly sent $50KThe exchange said it “erroneously deposited” $50,000 into a user’s account in June 2022, receiving no res
Stellar Price Could Target $0.33 In Next Move — Time To Buy?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Whale Loads Up: $422M In ETH Bought In Under a Month
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu