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Article by Cointelegraph: William Suberg
Bitcoin’s (BTC) network hash rate has passed a record 102 quintillion hashes for the first time in history in a historic milestone for the cryptocurrency.
Bitcoin adds another zero to hash rateAs data from monitoring resource Blockchain confirmed on Sept. 18, hash rate, ultimately a function of how secure the Bitcoin network is, has reached a high of 102.8 quintillion hashes.
Bitcoin network hash rate. Source: Blockchain
The achievement follows a string of records for the metric this year, Cointelegraph reporting on various stages of its expansion over the past few months.
Hash rate refers to the amount of computing power involved in processing Bitcoin transactions. The higher the number of hashes, the more implied competition there is among miners to obtain the block reward.
Since December 2018, the hash rate has progressed from its recent low of 31 quintillion hashes per second, equating to the progress of 230%.
Bitcoin proponents eye price implicationsCurrent growth has excited commentators, despite coming in tandem with a moderate decline in Bitcoin price.
As many noted, new upward action for hash rate tends may hint at future price growth. Hash rate began growing in January after several months of decline, with price then following in April.
Commenting on the current rate of growth, Lightning Torch organizer Hodlonaut said the figures spoke to underlying confidence among miners.
“Last readjustment period (2016 blocks, or around 2 weeks) increased 10.38%. We are about half way through the current readjustment period, and on track for another 11.85% increase,” he forecast.
Others have already given more bullish predictions. Max Keiser, a firm believer in Bitcoin’s prowess over altcoins, has frequently doubled down on his depiction of giant surges in both hash rate and price in the near future.
Bitcoin prices have surged again during Wednesday morning’s Asian trading session, equaling 2019’s peak of $13,860 as the big price predictions begin to roll in. Bitcoin prices have made it to the same peak in June 2019 but failed to break higher as the $13,800 level proved to be strong resistance as analysts had predicted. Max Keiser, a celebrated TV host, has proclaimed that the ongoing coronavirus will push Bitcoin price to hit $100,000 in 2020. Keiser suggested that once this happens, banker Jamie Dimon will be begging the US central bank, the Federal Reserve, for money to buy some Bitcoin. This recent pronouncement follows Keiser’s prediction earlier this year that the cryptocurrency’s price will reach ... The lighting Bitcoin price has been making the news lately, growing with a strong momentum. Meanwhile, one of the popular crypto TV hosts Max Keiser advises people to HODL their Bitcoins and follow the latest cryptocurrency news and movements.. In the latest episode of his show, Keiser had Simon Dixon, the CEO of the crypto funding platform BnkToTheFuture, where the guest said that the only ... In a tweet, Keiser made this prediction as BTC was surpassed $11,200. Markets were already capitalizing on bullish sentiment as trading began this week, with Bitcoin breaking $10,000 this weekend. Commenting on BTC’s bullish move, Keiser said: “$28,000 is in play before we see a pullback – and then we’re heading to 6-figures.” Markets! Finance! Scandal! Keiser Report is a no holds barred look at the shocking scandals behind the global financial headlines. From the collusion between Wall Street and Capitol Hill to the latest banking crime wave, from bogus government economic statistics to rigged stock markets, nothing escapes the eye of Max Keiser, a former stockbroker, inventor of the virtual specialist technology ...
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