- Bitcoin hash rate surges and shows progress.
- Bitcoin’s price and hash rate directly affect mining activities.
According to a report, there has been a gradual rise in Bitcoin’s hash rate over the past few weeks. Reports suggest that the hash rate of Bitcoin is sitting roughly at 48,003,251. The number reached 58k on May 2. There has been an increase of almost 40% and it is roughly 6% away from its all-time high.
Hash rate is “the estimated number of terra hashes per second (trillion of hashes per second) the bitcoin network is performing.” Bitcoin hash rate was peaked at 60,089,527 on September 24, 2018, declining to 31,998,005 on December 2 of the same year.
There’s a direct correlation between Bitcoin’s price and its hash rate which also affects the mining interests. Counterparty Foundation’s Chris Derose explained hash rate could determine the health of the network. He further said:
“It shows where the enthusiasm is on the network on people investing in getting in, at least at some level.”
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