Bitcoin has witnessed its highest-ever hash rate to date nearly two months of the bitcoin halving event.
The hash rate jumped 9.89 per cent from the previous record with 124 TH/s.
The growth in the hash rate signifies that many people still believe in its value and soon prices might also soar up.
Approximately after two months of the ‘Bitcoin Halving’ event where-in, the rewards were reduced from 12.5 BTC to 6.25 BTC, it has not affected the Bitcoin hash rate. Hash rate refers to the number of people mining Bitcoin, hence we can say that the more people mine Bitcoin, the more they believe in its value.
As per the reports from blockchain.com, the Bitcoin hash rate has reached nearly 124 TH/s which is a record height attained these days. Coinpedia has reported many Altcoins which are expected to give good returns this year, and also currently we are witnessing a huge surge in the price of Chainlink.
However, the popularity of Bitcoin among the miners has not halved nevertheless the rewards halved post the event. And hence even falling 27 per cent after halving, Bitcoin hash rate has managed to reach 124 TH per second.
Increase in Hash Rate, What it Signifies?
Basically, the Hash Rate is a measuring unit of processing power of the Bitcoin network. As mentioned above, at present Bitcoin hash rate has reached 124 TH/s that means, the Bitcoin network can process 124 trillion transactions per second.
The increase in the hash rate indicates the following factors,
- More people are mining Bitcoin.
- This in turn signifies that more people believe in the value of Bitcoin
- Therefore, Bitcoin prices are expected to shoot up.
How Did This Change happen?
One possible reason could be setting up cost-effective and high productive mining equipment. For instance, the Chinese mining giant, Bitman recently announced the purchase of 17,000 mining devices.
Yet another mining company backed by Peter Theil, Layer 1 was recently launched which aims to control 30 percent of crypto hash rate by 2021.
Max Keiser recently said in an interview that ‘Bitcoin would be Mona-Lisa of the 21st century’. He also specified the Bitcoin hash rate war, which could lead to the price of Bitcoin to $500K. Some of the crypto enthusiasts did not find any significant change in this rise as they did not see a major change in the Bitcoin prices which is trending in between $9100 to $9400.
Whereas some of the users considered other altcoins like Link or ADA which can be greener to the crypto ecosystem.
In a nutshell, Bitcoin growing popularity is not a new thing for any crypto lover. No matter, any other Altcoin rises to reach new records that do not harm Bitcoin’s activity.
The rising hash rate might be a pre-signal of growth of Bitcoin prices instead. Recently, it touched the $10K mark and slipped down within no time. Will it reach new heights after the rise in hash rates?