Cryptocurrency may not be the first thing that runs on your mind, but whenever I hear Bitcoin, it is cryptocurrency. The new computing network of Bitcoin is soaring high in the market and is said to reach about 90 Quintillion, and this is yet another increase in the computing power of BTC after its network hash rate has grown about 25% in a week. So, all the crypto traders and enthusiasts assemble because we have the best news about BTC to share with you through this article. Keep reading!
Hash Rates at All-Time High:
As per the data from the monitoring resource Blockchain has put Bitcoin’s hash rate at 87 quintillion hashes per second which is the data collected as of Sept 3, 2019.
The computing network figure of BTC has also passed 80 quintillion h/s for the first time in early August, which has set a new high almost daily in recent months.
You must be wondering what the hash rate is. To know, keep reading!
Hashrate:
Hashrate is the overall computing power that is involved in processing Bitcoin transactions. The calculations are done in the procedure that the greater the metric, the more power is available and, thus, the more secure the Bitcoin network is.
Not only this, the result of a rising hash rate means that the forward-looking miners are investing an immense amount of resources for expanding their operations, i.e. betting on Bitcoin’s value to increase in the future.
Many of you are actively involved in cryptocurrency and must think, why is the hash rate so important? Well, to answer this, you have to keep reading the article.
Current Bitcoin Hashrate:
Bitcoin, or BTC, is very popular, and its hash rate is usually the one that most crypto investors and traders count at. So, in this scenario, it is legit to look at Bitcoin’s current hash rate and the computing network contributing to its hash rate. Are you all ready to know more about this? Great! Let’s dive in!
The current hash rate of BTC is 324.41 EH/s, representing the global Bitcoin Hashrate with a mining difficulty of 48.71 T at block height 786,941. You will get a clearer understanding of this once you look at the chart below, which shows the current hash rate of BTC and the landmark hash rate of BTC in crypto history.
| Hashrate Unit/s | Hash | Hashes Per Second |
| H/s (Hash) | 1 | One |
| kH/s (KiloHash) | 1,000 | One Thousand |
| MH/s (MegaHash) | 1,000,000 | One Million |
| GH/s (GigaHash) | 1,000,000,000 | One Billion |
| TH/s (TeraHash) | 1,000,000,000,000 | One Trillion |
| PH/s (PetaHash) | 1,000,000,000,000,000 | One Quadrillion |
| EH/s (ExaHash) | 1,000,000,000,000,000,000 | One Quintillion |
| ZH/s (ZettaHash) | 1,000,000,000,000,000,000,000 | One Sextillion |
| YH/s (YottaHash) | 1,000,000,000,000,000,000,000,000 | One Septillion |
Calculation of Bitcoin Hashrate:
Bitcoin’s hash rate is usually calculated based on the current Bitcoin difficulty, the defined Bitcoin block time and the average block time of the last (X) number of blocks.
Before you start calculating the hash rate of BTC, it is essential to know that the Bitcoin difficulty value determines statically how many hashes are needed for solving the next block. It is also recommended to use the current mining difficulty to determine the statistically accurate number of BTC which can be mined in a given time frame.
More on Bitcoin Hashrate:
The miners actively involved in crypto mining piled together into Bitcoin again in 2019 after the hash rate slump in 2018. This is also accompanied by the Price bull run that began on April 1st of, 2019.
The commentators think that further gains for hash rate and price are on the horizon.
To quote Blockstream CSO Samson Mow,- “The race to mine the last 3 million Bitcoin will keep hash rate proliferating for the next few years,” This message was conveyed by him on Twitter.
However, RT host Max Keiser in the meantime, pointed out the ongoing political upheaval which took place in the United Kingdom due to the fueling of the Bitcoin price.
He said, “Bitcoin hash rate continues strong upturn. Price follows hash. Chaos as the UK melts down bringing in panic buying from Brits, reportedly,”
Importance of Bitcoin Hashrate:
As we already mentioned, the Bitcoin hash rate is a tool to keep the network of Bitcoin secure. In essence, the hash rate is the critical dimension of blockchain network security as it represents the amount of energy that one single entity must spend to alter the past blocks.
For Example, If you owned 51% of the hash power, how much energy would you need to spend to change history?
A higher hash rate indicates the difficulty of altering the Blockchain, which is precisely what gives BTC its value – the fact that it is immutable.
There is also another factor that significantly impacts the security of the hash rate, and it is hash rate distribution. In short, the more geographically dispersed nodes are, the better.
So, you all have got good learning of the computing network of BTC and the hash rate of BTC, which plays a vital role in protecting the BTC network and fueling the price of BTC. With the hash rate system, it will be easier to protect the security of BTC and uphold its profit in the crypto industry.
Conclusion:
That’s all, folks. I hope the article helped you in getting all the information you needed.
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