The computing power of the Bitcoin (BTC) network reached an all time high in early August, and we have just seen another sharp increase with the hashing rate growing by 25 percent in just one week.
Data from the monitoring resource Blockchain now puts Bitcoins hashing rate at a mind blowing 87 quintillion hashed per second, as of the 3rd September 2019.
The hash rate refers to the overall computing power that is involved in processing Bitcoin transactions.
The more hashing power a Blockchain, Bitcoin network or system of computers has, the more power is available to them, this then makes the Bitcoin network more secure.
With the hash rate increasing at such a rapid rate this also means that miners are investing immense amounts on the future of Bitcoin, this too expands their operations.
With Bitcoin transactions being made at a rate that has never been experienced before, miners are the ones reaping the benefits, and people are talking, in 2019 there was another boom of investors becoming involved in Bitcoin mining.
There is much talk around the idea that further gains for hash rate and the Bitcoin price are in the very near future.
Blockstream CSO, Samson Mow, wrote on Twitter on Monday, 2 September 2019
“The race to mine the last 3 million Bitcoin will keep hash rate growing rapidly for the next few years.”
With RT host, Max Keiser, expressing that the ongoing political tension in the United Kingdom is fuelling the price of Bitcoin,
“Bitcoin has rate continues strong upturn. Price follows hash. Chaos as UK melts down bringing in panic buying from Brits, reportedly.”