Bitcoin (BTC) broke a world-class record on Monday, August 6, 2018, getting to an all-time high of more than 52 quintillion hashes per second. The hash rate is the computational speed of a digital currency mining computer – the speed it takes the computer to complete a computation.
The hash rate has an impact on the capacity of a miner to mine digital currencies, and it also affects the costs of electricity and profitability. The network of Bitcoin (BTC) comprises mining hardware which makes lots of guesses (usually in millions) every second to provide solutions to difficult math puzzles that can’t be solved logically.
Every single attempt to solve the complex puzzle (computation) is referred to as a “hash,” and the speed is calculated in hashes per second. The faster the hash rate, the faster a computer can make the required calculations to solve the puzzle of the network, figuring out the next block of transactions that will be added to the blockchain.
Surging Bitcoin (BTC) Hash Rate
The hash rate of the largest digital currency in the world by market cap – Bitcoin (BTC), saw an upsurge by about 60 percent in the past three months, and it just tested an all-time high after an increase of 15 percent over the last two weeks.
Samuel Gibbons and Christopher Bendiksen’s Findings
According to the findings of Samuel Gibbons and Christopher Bendiksen – analysts at CoinShares Research – the Bitcoin (BTC) mining industry is relatively profitable, healthy, and it has been growing at an enormous speed.
Despite the recent price action of Bitcoin (BTC), the surging hash rate is as a result of growing support from several miners of decentralized communities who are strengthening the network of Bitcoin (BTC).
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $6,540 after a decrease of about 6 percent over the past twenty-four hours. The market cap of the coin is now $113.04 billion and its trading volume over the past twenty-four hours is $5.14 billion.