Bitcoin network hash rate news (January 2, 2020) – BTC is poised to break new records in 2020. However, we have no idea the previous all-time highs of the first cryptocurrency‘s hash rate would be broken so early in the year.

Bitcoin’s hash rate has reportedly reached a new all-time high, beating its previous record by a mile only two days into the new year.

Two of the most popular Bitcoin monitoring websites, Blockchain and Coin Dance, confirmed BTC’s network hash rate started increasing at an unseen before level on January 1, the first day of 2020.

Bitcoin’s network hash rate breaking point

The 2019 computing power allocated to BTC blockchain hash rate validation grew tremendously and will continue to grow until Bitcoin halving occurs. The hash rate only experienced a brief level period during the third quarter.

The high BTC hash rate growth proves what most of us already know; miners find BTC more profitable and appealing. The higher the mining power, the more secure and robust the network. It’s more equipped to withstand attacks.

Blockchain reported that, on January 1, 2020, the Bitcoin network processed 119 quintillion hashes every second.

The numbers for Coin Dance, however, is a little higher than Blockchain. It clocks 143 quintillion per second for the same period.

Bitcoin record hash rate market impact

Has the Bitcoin record breaking hash rate impacted the current price? Verdicts are still out. Reason being is that it’s not feasible to measure Bitcoin’s hash rate. The only measurable aspect is network activities.

When the hash rate was at its highest last year, Bitcoin’s price (BTC/USD) traded between $3,100 – $13,800. Several crypto analysts, including Max Keiser, have claimed hash rate highs will lead to BTC price highs.

At the time of this writing, Bitcoin is trading at $7,326.22. Up 0.75% from in 24 hours. It has gained 3% since the Bitcoin network hash rate coverage.