Bitcoin’s Hashrate Reaches 65 Quintillion

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Bitcoin mining.

Bitcoin’s hashrate has surpassed all time high to now 65 quintillion, a number that comes after trillion and quadrillion.

Otherwise also described as petahashes per second, it has suddenly spiked recently to a new high.

Bitcoin hashrate, June 2019
Bitcoin hashrate, June 2019

The bitcoin price rise may have made some older miners profitable, thus they might have rejoined the network.

In addition, continued increases in asics efficiency has made newer machines more powerful with higher hashing ability at lower levels of energy consumption.

Then there’s new regions that keep entering bitcoin mining, including Venezuela last year, Iran this year and some remote parts in America.

Hashrate Securing Billions

All of this mining is to secure the value transfer of bitcoins, with an astonishing $17 billion worth moved in the past 24 hours.

Bitcoin and crypto blockchain stats, June 2019
Bitcoin and crypto blockchain stats, June 2019

Close to one billion bitcoin moves per hour across the globe within minutes and usually for a very low fee of $1-$5.

The other cryptos also have their own miners with ethereum, BCH and litecoin combined moving about $4 billion in the past 24 hours.

That makes it $20 billion a day for the top four cryptos combined, an all time high.

The higher the value of such transfers, the more hash might be needed to secure the network and prevent double spending.

Price and hash, thus, tend to rise together with hash usually following price in a lagging manner.

Some cryptos, like ethereum, plan to initially have both eth itself as a method to secure the network and hash, with the latter eventually to be removed entirely through Proof of Stake.

Bitcoin has no such plans with the crypto to operate on industrial mining for the foreseeable future.

Copyrights Trustnodes.com

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