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- Bitcoin global hash rate tanked & reached a peak low with 84 EH/s in the beginning days of June
- The hash rate has only improved since then with a staggering growth of 108%
The markets often don’t accept uncertainties that easily. Even though cryptos like Matic have witnessed a stark double-digit growth in prices, many others are still limping towards the green.
Taking things to a different tangent and making them more informed, it has been reported by blockchain.com that Bitcoin’s global hash rate has witnessed a remarkable growth of 108% since June.
The hash rate is the measure of the processing power of the network. In order to make the blockchain more secure, the Bitcoin’s network must make intensive mathematical equations to serve the same. The hash rate can be reported such that, when it hits 1 EH/s, it means that the blockchain can make 1 quintillion equations every second to keep the blockchain secure.
The global hash rate of the Bitcoin network took a low of just 84 exahashes ( EH/s) in June when China began its crackdown on cryptocurrencies while consequently leading to a blanket ban on the mining of the same.
However, according to a recent report, the hash rate of the blockchain has increased by 108% since then with the network performing the highest on Wednesday where the blockchain reached a 7-day average hash rate of 175 EH/s. The same figure happens to be 3% less than the high levels of 180% seen in the month of May.
According to varied experts, there could exist a correlation between the hash rates and prices as it can be interpreted as since it consumes more energy making it safer & secure while also having an impact on mining rewards, transactional fees, etc, which could result in price fluctuations of the token.
Such opinions & assumptions come across when the crypto king has recently been through an unexpected crash while trading at 35% lower than its pricing until a few days ago.
The all-time highs of hash rates are difficult to predict since the whole tangent seems to be quite subjective while data from BitcoinInfoCharts had the hash rates calculated at 191 EH/s while other firms like Ycharts calculated the performance hash at 186 EH/s as of Wednesday.
Prior to the blanket ban in China, the miners over there held whopping hash rates and accounted for 70% of the global rates, however, a lot has changed since then and the world has witnessed the United States have grown as a competitor with 42% of global rates according to the University of Cambridge. Lastly, it would be interesting to witness the actions or fluctuations in prices of various tokens in the future as they get more safe & secure, however, an increase in hash rates leaves the crypto world to be strong-armed by regulators in the face of environmental crises.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
