Bitcoin Hash Rate Spikes to a New All-time High
The Bitcoin network is now more secure than ever if the hash rate recorded on Oct 14 is anything to go by. According to data from BitInfoChart--a platform that tracks on-chain data of Bitcoin and other Proof-of-Work networks including Ethereum, the Bitcoin hash rate rose to 156 EH/s, surpassing the 155 EH/s computing power set early this month hinting of coin demand and cut-throat competition from miners across the globe.
Hash rate is the measure of computational power channeled by miners to the Bitcoin network in exchange for part or all of the 6.25 BTC released every 10 minutes. Highly dependent on the BTC price, the hash rate measures the confidence of miners. The higher the hash rate, the higher the chances of BTC prices inching higher as more miners power their gear to earn more coins and profits in the future.
Impact on the BTC Price:
Bullish. Aforementioned, the expansion or contraction of hash rate is directly proportional to the confidence of miners on BTC prices. If miners power their gear, they anticipate better prices in the future. Often, their decision is strategic as they plan to hold more coins with hopes of tapping on future price expansion.
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