Bitcoin Sets New Hash Rate Records
By Jamie Green – Crypto Expert
Bitcoin's network hash rate has been setting a slew of new records this month, suggesting that miners have changed their stance on the weak price performance and could encourage more to buy and sell Bitcoin.
All-time Hash Rate Highs in October
According to Blockchain's data, hash rates have hit over 114 quintillion hashes per second on Oct. 23rd.
This is said to be the largest reading ever and was proven by others like BitInfoCharts that also recorded an all-time high of about 110 quintillions at the same time. Coin Dance reports the all-time high numbers to be 134 quintillions on Oct. 10
Since it's impossible to measure hash rates precisely, every chart is an estimate that relies on the previous period's block time and difficulty at the time.
Hash rates refer to the overall computing capability that is involved in validating transactions on the Bitcoin blockchain. The better the power, the greater the network security, not to mention higher hash rates help process transactions when there is high activity to buy and sell Bitcoin.
What this means is that miners are expecting higher Bitcoin prices in the future as they are rewarded with the coin itself. They may sell BTC back to the markets to fund their mining, but it is a necessity for the functionality of the network.
Last month, Cointelegraph reported that the network hash rate was experiencing volatility, with Blockchain's reading going down by 40%. This occurred one day before analysts clarified that these statistics did not serve as an indication that miners were bailing on Bitcoin.
Regardless, this proves that in the face of sentiment to sell Bitcoin and price drops, miners were still invested in Bitcoin and its future profitability. As an example, renowned mining firm Bitmain launched what it claims is the "world's largest" mining farm in Rockdale, Texas.
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