Miners of Bitcoin Rejoice! Hash Rates Reach Never Numbers Never Seen Before
It appears that Bitcoin is set on breaking previous records. Its hash rates are expected to reach an astronomic 100 Quintillion in the very near future. This is a 40% increase from 2018's all-time-high of 60,000,000.
Back in September 25th, 2018, at the previous hash rate all-time-high of 60,000,000 Bitcoin was trading at $6,711. Currently, with Bitcoin's hash rate reaching 100,000,000 it is currently trading at $10,174
One must keep in mind however, that there is no direct correlation
between hash rates and Bitcoin's price.
Hash Rates, Miners & Why it Matters
Miners maintain Bitcoin's Blockchain. The hash rate is measurement of miner's performance. Essentially, it can be seen as a general measure of the processing power of Bitcoin's network. To be put in the simplest of terms, a high hash rate indicates a healthy blockchain.
Seeing that Bitcoin's hash rate is reaching a historic hash rate of 100,000,000 it is easy to say that Bitcoin is a healthy network. Its hash rate is most likely linked to Bitcoin's strong dominance over altcoins. With BTC's strong 70.1% dominance, some miners are preferring to mine Bitcoin as opposed to smaller altcoins.
This may also be linked to Bitcoin's halving which will occur in less than 250 days, as we've speculated previously.
Ultimately this seems to be a bullish development for Bitcoin and its ecosystem. As more miners mine Bitcoin as opposed to alts, it will maintain Bitcoin's dominance over altcoins.
It looks like altseason won't happen anytime soon.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado