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Bitcoin's hash rate reached a new all-time high despite a sharp drop in prices

    Max Keiser: Bitcoin price will increase according to hash rate

    Bitcoin's hashrate (BTC) has just reached an all-time high despite a 12% price drop last week.

    According to various hashrate growth tracking data sources on the Bitcoin network, this figure has revolved around the highest value since March 1.

    The Bitcoin network reaches 136 million TH / s

    Hashrate refers to the computing power miners dedicate to validate transactions on the Bitcoin blockchain. The higher the hash value, the more power – this implies that miners are believing in the profits from mining, and have the desire to increase the security of the network.

    Data from monitoring resources Bitinfocharts shows Bitcoin's hash rate is just above 120 million TH / s on Sunday – the most recent date available for this data.

    However, data from other sources is blockchain, has raised this to 140 million TH / s after a spike in activity at the weekend.

    1 year hash rate chart of Bitcoin. Source: Blockchain
    1 year hash rate chart of Bitcoin. Source: Blockchain

    As Toiyeubitcoin reported, hashrate measurement tools can only estimate activity. In 2019, the hashrate unexpectedly plummeted 40%, but then the move was proved not by miners leaving Bitcoin.

    Analysts are waiting for a halving bright spot

    In May, when the number of new Bitcoin issued for mining tools in each block is halved – from 12.5 BTC to 6.25 BTC, the expectation of hash rate competition will increase. The boost is very high.

    PlanB, the analyst who created the famous stock-to-flow Bitcoin prediction model, recently strengthened his belief in this theory.

    For him, halving in 2020 will create the same effect as previous events in 2012 and 2016 – the impact on hash rate, mining difficulty and of course price.

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    According to CoinTelegraph
    Translated by ToiYeuBitcoin

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