Bitcoin’s Highest Hash Rate Since November 2018 Recorded

By Kapil Gauhar

Bitcoin’s hash rate, which is the power securing the entire bitcoin network, has recorded the highest level yesterday for 4 months. According to the data feed available on Blockchain.com, the bitcoin hash rate passed over 52 quintillion hash per second.

Bitcoin’s Hash Rate

The hash rate of bitcoin is mainly referred to as the computation of the performance of bitcoin miners. In layman terms, as the hash rate goes higher, the bitcoin network becomes even more robust and secure. It becomes more and more difficult to attack the bitcoin network as an attack would need enhanced resources for attacking the network.

Also, the increasing hash rate represents the increase in the number of bitcoin miners. As the difficulty level of mining in bitcoin is quite stable now, more and more miners are willing to join the network. Not to forget, as the hash rate increases, it will result in increasing the overall difficulty level too.

Since November 2018, the bitcoin network is now at its peak. The highest hash rate ever recorded was around 62 quintillion hash per second in August 2018. Looking at the current record, it shows that the hash rate might even cross this level any time soon.

Also, the increased level of hash rate builds up confidence among miners as it shows the overall security of the bitcoin network and predicting a secure future of the investment. As a result, more and more miners are now joining the bitcoin network after a subsequent decrease last year that led to a lot of miners moving out of the mining business.

During 2018’s ber market, the hash rate fell drastically which caused a lot of miners shutting down their operations, and the mining equipment was seen being sold at waste prices. At press time, as the hash rate is increasing, miners are again turning on their rigs and moving back to business.