Altcoin News: Bitcoin Again Hits Maximums in Terms of Computing Power

June 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Bitcoin hash rate or the total amount of computing power allocated by miners to add blocks and protect the network, updated its own historical maximum this week, according to data from the portal Blockchain.com.

While the price of Bitcoin is approaching $10,000, a hash rate can serve as a metric that reflects an interest in mining cryptocurrency and the expectations of ecosystem participants regarding the market behavior in the not very distant future.

On Wednesday, the Bitcoin hash rate reached 65.19 trillion hashes per second (Th/s).

Image credit: Blockchain.com

“Hash-rate (more often than not) leads the price,” says TV presenter and last trader Max Kaiser. — It is understood not even the most ardent supporters of Bitcoin. This is the heart of the motivational scheme. This is Satoshi’s approach to hacking a person on the way to creating an improved version of gold.”

The previous peak on the Bitcoin hash rate graph is observed in September 2018 — then the value was about 60 Th/s. After that, the indicator fell sharply against the background of unfulfilled expectations from the behavior of the price of the cryptocurrency, but began to grow again in the new year.

In early May, we celebrate that the indicator of the computing power of Bitcoin rose to a six-month maximum. According to analyst Alex Kruger, the break-up point of Bitcoin mining in mid-April was at a price level of $3,550, and the growth of the hash rate was the response of miners to the improvement of the market situation.

Author: Marko Vidrih