The computing power dedicated to mining Bitcoin has hit yet another new high this month, a sign that miners have shaken off weak price performance and the fact that the Bitcoin network is as strong as ever is enough to ignore the price action
Bitcoin’s spiking hash rate and difficulty are in line with the soaring price since earlier this year, which led to increasing demand for mining equipment that has significantly outstripped supply.
Data from monitoring resource Blockchain confirmed hash rate hit 114 quintillion hashes per second on Oct. 23.
This is the largest reading ever and echoed by others such as BitInfoCharts, which recorded an all-time high of just over 110 quintillion at the same time. Coin Dance numbers put the all-time high of 134 quintillion occurring on Oct. 10.
Due to it being impossible to measure hash rate exactly, all charts are estimates that rely on the previous period’s block times.
Hash rate refers to the overall computing power involved in validating transactions on the Bitcoin blockchain. More power suggests greater network security, as well as interest in the profitability potential of Bitcoin mining.
In other words, miners are anticipating higher Bitcoin prices in the future.
The mounting hash rate in the face of a falling Bitcoin price underscores their dedication to investing in the industry and its future profitability. Which is why Arkonix Mining, recently launched all new contracts with unbeatable hashrates for your maximum probability.
All eyes on block reward halving, so you don't want to miss out on our new S17 Series contacts. And we have also extended our DIWALI Bang On Offer with the flow of a fixed digital gold to spice up your portfolio.
From May 2020, miners will compete for half as many new Bitcoins per new block as now — 6.25 BTC instead of 12.5 BTC.
With the equivalent of up to $63 million unavailable each week, commentators widely expect the block halving event to dramatically boost the Bitcoin price.
- Hashpower 11 TH/s
- Mining days: 655
- Alghoritm: SHA-256
- Daily Fees: $0.86