Following a 25% growth in its network hash rate in a week, bitcoin has again registered another sharp increase in its computing power.
Blockchain monitoring resource released on September 3 data showing that the hash rate of bitcoin has reached 87 quintillion hashes per second (h/s).
In recent months, bitcoin has been setting highs on an almost daily basis. Come early august the figure reached 80 quintillion h/s for the first time.
The overall computing power that bitcoin uses to process its transactions is the Hash rate. When the metric figure is greater, Bitcoin network is more secure since more computing power is available.
A rising hash rate would, therefore, imply that forward-looking miners are investing hugely towards the expansion of their operations, for instance, betting on a future increase of Bitcoin’s value.
“Price follows hash”
After last year’s hash rate slump, miners have returned positively into bitcoin again in 2019 — which consequently led to a price bull run that started on April 1. For that reason, commentators are anticipating more hash rate and price gains in the future.
On Monday, Samson Mow, Blockstream CSO, even confirmed on Twitter that “The race to mine the last 3 million Bitcoin will keep hash rate growing rapidly for the next few years,”
Max Keiser, the RT host, on the other hand, suggested that the current United Kingdom’s political upheaval is the one driving the Bitcoin price. Before the Wednesday press time, he stated his theory as follows:
“Bitcoin hash rate continues strong upturn. Price follows hash. Chaos as UK melts down bringing in panic buying from Brits, reportedly.”
Since the start of the week, BTC/USD has made sudden gains — rising almost 10%.