BTC hash rate hit another all-time high

07 Jul, 2019 | Updated: 07 Jul, 2019
by David Robb
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BTC hash rate hit another all-time high

The hash rate on the Bitcoin network has recently reached its all-time high level. The total hash rate hit 74.5 TH/s, on July 4.

This new ATH for the hash rate is the second one in as many weeks, with the previous level being set at 68.6 TH/s on June 28. According to the data from Blockchain.com, the last measure for the hash rate was around 70.2 TH/s.

Image from Gyazo

The hash rate is a measure of the total number of calculations carried out by the network's computing hardware. It gives miners an indication of how likely they are to solve the problem and find the number that will secure the next block, with its transaction fees and BTC reward. A high hash rate also means the network is less susceptible to attacks.

A general truism of the crypto space is that 'price follows hash rate'. This hasn't always proven itself to be true (some claim that it should be the other way round) although the new ATH hash rates being set recently have coincided with the latest BTC rally. More mining power is coming into the network, and mining profits are on the increase. It's not clear whether this is related to mining profits or just the increased value of its BTC holdings, but Chinese BTC mining firm Bitmain has relaunched plans for its long-awaited IPO, which was thought to be permanently cancelled.

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Read more about: Bitcoin (BTC) Mining

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