What bear market? The bitcoin hashrate has broken another record high this week as the world’s most popular cryptocurrency network gets stronger with each day.
Bitcoin Hash Rate Hits 62 Quintillion
The Bitcoin hashrate, or the computing power of the Bitcoin network, has broken yet another all-time high of 62 quintillion hashes per second. This marks a 40 percent gain in the month of August with a whopping 35 percent gain over the past two days alone.
The accelerating bump in the hash rate has been impressive this year despite an 80 percent market-wide correction since Bitcoin price [coin_price] reached all-time highs late last year. What’s more, the network hash rate is up more than 150 percent over the last six months.
Price to Follow?
The staggering rise in hash rate directly translates into new miners going live on the Bitcoin network. In other words, mining operators are investing real money with no qualms about this year’s sluggish prices. In fact, Bitcoinist has reported on numerous new mining farms springing up all over the world — with some even shifting towards renewable energy.
Meanwhile, financial analyst and host of the Keiser Report, Max Keiser, reacted to the news. Reiterating his belief that “price follows hashrate,” the former Wall Street trader said that he now expects a new all-time high in price to follow.
“Based on my [hashrate] analysis, new ATH incoming,” he tweeted. “$28,000 still in play.”
Based on my HR analysis, new ATH incoming. $28,000 still in play. pic.twitter.com/hYgPti1cqn
— Max Keiser (@maxkeiser) August 28, 2018
Does Bitcoin price follow the hash rate — or the other way around? Share your thoughts below!
Images courtesy of blockchain.info, Shutterstock, Twitter.