This week, Bitcoin hit a new hash rate record high registering yet another network performance milestone.
80 quintillion hashes per second
On Aug 8, Bitinfocharts (monitoring resource) produced data confirming that the hash rate of bitcoin had surpassed 80 quintillion SHA256 hashes per second – the first instance the crypto had attained such a level.
In crypto terms, the hash rate is the computing power amount that is useful in validating Bitcoin transactions. Malicious actors will find it costlier to attack the network when there is more power.
Throughout recent months, the hash rate of bitcoin set multiple new all-time highs, thereby reversing a downward trend witnessed during the 2018 Bitcoin bear market’ second half. Difficulty and volume are also the other metrics that have registered good performance so far.
Crypto Analysts opinion
Bitcoin proponents have pegged on Network strength to give out the overall bullish sentiment. In their opinion, when the same metrics were lower in December 2017, the cryptocurrency was able to register an all-time price high.
Compared to any point in its history, Bitcoin is considered to be better equipped for growth now according to these proponents.
For growth to continue, an analyst has suggested that miners should keep markets above $6,500 – so that it doesn’t go to a low seen in the past year. However, uncertainty in growth kicks in due to block size reward halving expected next May.