Bitcoin News Today – Bitcoin network receives a boost as the network now has more computing power than it ever did before. This boost helps make the network more stable and more secure at a time when the hashrate increases to the highest point it has ever been. Cryptocurrency news today gathered that the total hashrate of the Bitcoin network had reached 79 Tera hashes per second. This is a record for the number one cryptocurrency in the market. A hashrate also is known as the hash power is the unit of measurement that measures the power consumption of the network to be able to function continuously. Again the hashrate could be said to be the amount of hash power consumed to find blocks in the average time of 10 minutes.
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For a block to be successfully mined in a Bitcoin network, the block header needs to be successfully mined by the mined. The hashrate has become synonymous with how versatile and robust the Bitcoin network is in providing security for Bitcoin transaction. During June an July, the hashrate reached an all-time high of 65 trillion TH/s and 70 trillion TH/s respectively. This means that the Bitcoin network is presently operating at 8 times the computing power it used in the last quarter of 2017 when it reached an all-time high of $20,000 as the price value of the Bitcoin BTC. This record hashrate value comes at a time when the price value of the Bitcoin is $10,615, falling short of its all-time high record of $13,000 this year.
Though pressure from the government may have played a part in putting bearish pressure on the cryptocurrency market, the dip in price did nothing to the Bitcoin network. Mining activity increased even though the value of the BTC dropped. Bitcoin future forecast shows that mining activity will only increase as Bitcoin halving event in 2020 draws closer. Analysts and researchers agree that the Bitcoin BTC price would be influenced by miners response to the 2020 halving event.
Bitcoin halving is a time when the Bitcoin network reduces the block reward by half or 50 percent. The halving process happens once in four years and the upcoming halving event will reduce the mining reward from 12.5 BTC to 6.25 BTC. There have been price predictions of a fall in the price of BTC as the reward value for mining is halved. It is believed that ew miners would feel the effect more and may likely stop mining.
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Some common hashrate conversion is 1 MH/s, which is equal to 1000 KH/s and 1 GH/s gives 1000 MH/s. Some uncommon hashrate conversion is 1 PH/s which is one quadrillion hashes per second and 1 EH/s which is one quintillion hashrate per second.
It is believed that Bitcoin mining difficulty would most likely increase as the hashrate increases. The mining difficulty has also reached a high peak as the Halving event date draws near. Analysts believe that the difficulty in mining would only increase.