BTC Hash Rate Hits New Highs To Mark Latest Technical Achievement

The BTC hash rate, known as the mean hash rate of the Bitcoin network, has recently hit new all-time highs to mark the latest technical achievement for the cryptocurrency, according to fresh data. Research from the monitoring resource Glassnode shows that a new analysis of Bitcoin’s historical hash rate indicates that the mean value reached 119 quintillion hashes per second which is its best ever at the time now.

If you are not following our cryptonews, you should know that hash rate refers to the actual amount of computing power that miners are using to validate the Bitcoin blockchain. The more power, the more secure the blockchain behind the cryptocurrency is. Therefore, a large hash rate can also be taken as a statement of the popularity of mining for participants.

Glassnode’s reading also derives from the one-day moving average hash rate calculation. Even though it is impossible to measure the BTC hash rate exactly, the data supports other estimates which show that the metric hit new records in the recent weeks and months.

As reported by many media outlets and Bitcoin price news sites, there are many statistics resources which confirmed the uptrend, with the highest reading approaching 150 quintillion hashes per second this week. The progress has been swift and according to Glassnode, the BTC hash rate low of 36 quintillion hashes per second occurred in late April 2019.

Meanwhile, Bitcoin has already exhibited multiple signs that a bullish transformation is once again underway. The new research shows that alongside hash rate, commentators also highlighted the increased trading activity among Bitcoin futures investors.

On the other hand, there is also the mining difficulty – which had previously been in decline – and is now increasing. Last week, we saw that the mining difficulty progressed 6% and the BTC hash rate rose, while another 6% to 7% is on the cards at the next adjustment in nine days’ time.

A lot of anticipation has been building around the recent Bitcoin price action for the coming twelve months. Just like that, many industry figures are going on record and predicting new all-time highs for BTC/USD before year 2021. Currently, we can see the BTC/USD pair trading at $8,914 and still hesitating to visit the $9,000 region.