The bitcoin network appears to be growing leaps and bounds. The latest reports reveal that the network’s hash rate has surpassed record 102quintillion hashes for the first time in history. This is a historic milestone for the general crypto sphere.
Another Zero Comes into the Hash Rate
Reliable data from the monitoring resource Blockchain confirmed on September 18 that Bitcoin’s hash rate has reached a high of 102.8 quintillion hashes. Hash rate is ultimately described as a function of how secure the Bitcoin network is. The latest achievement follows a series of records for the metric in 2019.
Over the past few months, it is evident that the hash rate has grown considerably showing that the network is expanding despite the bitcoin price struggling around the $10,000 level. Hash rate is described as the amount of computing power that is involved in the processing of Bitcoin transactions.
The higher the number of hashes, the more suggested competition there is among the miners to get the block reward. Since December last year, the hash rate has progressed from recent lows of 31 quintillion hashes per second equalling the progress to around 230%.
Bitcoin Bulls Await Price Implications
The current hash rate growth has excited most commentators. However, they are still wary of the moderate decline in the Bitcoin price. The new upward action for hash rate seems to point to a future price growth as many commentators suggest. The hash rate started growing in January after many months of decline and the price following the upward trend in April.
Lightning Torch organizer Hodlonaut commented on the current rate of growth. Hodlonaut stated that the figures spoke to the underlying confidence that has developed among the miners. He forecast:
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about halfway through the current readjustment period, and on track for another 11.85% increase.”
Many other bitcoin proponents have already given their more bullish predictions. Some of these crypto bulls are still adamantly sticking to their predictions that the token will hit a new all-time high before the end of 2019.
Max Keiser is a firm believer in Bitcoin’s prowess over all the altcoins. He has often doubled down on his forecast of giant surges in both hash rate and price in the short-term. Whether the price will follow the hash rate growth or not, only time will tell.