The Bitcoin network is now 8 times more powerful than it was at a price of USD 20,000
Bitcoin (BTC) now has more computing power behind its security than ever, surpassing another milestone, since the hash rate reaches its all-time high.
Data from the Blockchain monitoring resource confirmed that the total hash rate of the Bitcoin network reached a peak of 79 tera hashes per second (TH / s) on July 20
Widely accepted as a measure of the robustness of Bitcoin transaction security, the hash rate has broken multiple records in recent weeks and months. As Cointelegraph reported, the most recent historical highs were recorded on June 21 (65 trillion TH / s) and July 1 (70 trillion TH / s).
The figure declined over the weekend after reaching the 79 trillion mark. On Sunday, the most recent day for which data are available, the total hash rate was recorded at 67.1 trillion TH / s, fluctuating regularly while continuing to establish a general upward trend. In other words, the Bitcoin network now has almost eight times the computing power it had when the price of bitcoin was about USD 20,000 at the end of 2017.
However, the record came despite a pause in Bitcoin price gains, which fell from the recent highs of USD 13,800 two weeks ago.
Since then, regulatory pressure has caused markets to fall to USD 9,125, something that has not weighed on network performance. As Cointelegraph indicated, Bitcoin transaction fees also remain low, despite price and volume fluctuations.
The performance of mining, which has taken a turn since the fall of the Bitcoin bull market in December 2018, will revolve more and more around the halving of the block reward in May 2020.
That was the conclusion reached by the new analysis of the usual Filb Filb trader last week, which indicated that the price of Bitcoin would likely show more influence from the miners over the next year.
The halving of the block reward will cause the amount of “new” Bitcoin miners to claim per block of verified transactions to decrease from 12.5 BTC to 6.25 BTC.
Bitcoin’s mining difficulty, which has also recently reached new highs, will likely experience new increases of its own as the hash rate continues to increase.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.