According to the Zerohedge article, the Hash-Rate hit an all-time high of just over 110 quintillion at the same time. Coin Dance numbers put the all-time high of 134 quintillion occurring on Oct. 10.
What is the Hash-Rate?
Hash rate refers to the overall computing power involved in validating transactions on the Bitcoin blockchain. More power suggests greater network security, as well as interest in the profitability potential of Bitcoin mining.
We must also remember there is a halving event on 14th May 2020. This traditionally makes the value of Bitcoin rise which has been confirmed by historical halving events.
If the price of Bitcoin falls too much it may not be profitable to mine and the hash-rate would take a hard drop.
The popularity does not seem to be slowing down as, mining king Bitmain just this week launched what it calls the “world’s largest” mining farm in Rockdale, Texas.
Cointelegraph have reported that USD 6,500 is a floor price to maintain profitability for miners. If the BTC/USD price drops lower then could see a reduction in hashing power, as miners may choose to turn off their rigs until difficulty adjusts and/or prices recover.
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