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Bitcoin Only Getting Stronger: Now 8x More Powerful than at All Time High

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July 22, 2019 | 

711 Views | 

Darryn Pollock | 

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Bitcoin, which derives its security and decentralization from computing power, or hash, is now eight times more powerful than it was when it reached its all time high of $20,000. Bitcoin’s hash rate, which reached a peak of 79 tera hashes per second (TH/s) on July 20, indicates how much computer power is involved in the network.

This metric is widely regarded as a measure of just how robust and secure a Bitcoin transaction is as it relies on mining power across the globe to verify transactions. The more hash power there is in a proof of work blockchain like Bitcoin, the harder it is to compromise or attack said chain.

Record breaking

While Bitcoin may not be breaking any records for its value, having climbed to $20,000 in December of 2017 and having not reached anywhere near there since, there are still other performance records being broken.

The lead up to this latest hash rate high saw the Bitcoin network break its computing power record twice in under a month before this on June 21 (65 trillion TH/s) and July 1 (70 trillion TH/s). 

In fact, this latest hash record breaking comes after a dip in price performance indicating that the robustness of Bitcoin;s network is steadily on the rise even if external factors like regulatory crack downs are bringing the market to its knees. 

Price does not always indicate a healthy network, as when Bitcoin was at its price high, the hash rate was eight times less than it is today.

That being said, when the price market is under a lot of pressure, as it was through the 2018 bear market, Bitcoin’s miners have been known to look elsewhere and bring the hashing power right down. In the most dire times of the bear market, the mining hash rate took a large dip.

The next halvening

The next year may well see miners having more of an influence over the price of Bitcoin as the run up to a mining difficulty halvening comes into the spotlight. Bitcoin;s mining rewards are set to be cut in half in about a year’s time. 

The effect of this will lead to rewards, which are currently 12.5 BTC slip to 6.25 BTC. It will also mean that the supply of new Bitcoin will go down, and through simple economics, the demand will increase. 

For this reason, there is expected to be a big uptick in the mining effort in the next year as miners try and squeeze out bigger rewards while they are still on offer. It may be that this is already happening as an explanation to the new hash rate.
 

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