Bitcoin's Hash Rate continues to make new highs
As I type, the hash rate is now just under 90 Quintillion Hashes Per Second.
That would be yet another all time high:
(Source: https://twitter.com/ChartsBtc)
Cool, but what does that mean?
That means that the amount of computing resources dedicated to “hashing” verified transactions is at an all-time high.
When bitcoins are mined, transactions have to be verified, or “hashed”, before they’re added to the blockchain. The hash rate is simply the number of hashes the bitcoin network is performing per second.
Interestingly enough, some have theorized that the hash rate precedes price:
I am not entirely sure I go along with that line of thinking (in fact I think hash rate more likely follows price), but if that is the case the increasing hash rate could be hinting at miners expecting higher prices in the near future.
Whatever your thoughts on that, take a look at this chart...
(Source:
)https://twitter.com/inmortalcrypto/status/1168215051385430016
- inmortalcrypto
And make your own conclusions. :)
Stay informed my friends.
-Doc