Bitcoin [BTC] hashrate spikes over 58 million TH/s; confirmed transaction rate also soars

2019-5-4 17:30

Bitcoin [BTC] posted significant rallies through the week heading for the $6000-mark. The network continued to proliferate as the price rallied surpassing $5,800-level. In a recent development, Bitcoin hashrate has also witnessed a massive increase in the coin’s hashrate. A six-month high hashrate of $58.11 million TH/s was reported according to the data on Blockchain.com.

Source: Blockchain.com

Bitcoin’s hashrate surged to an all-time high on 27th August 2018 to 61.8 TH/s following which the computational power for validating network dropped to 37.8 TH/s four months later that year. According to the above chart, hashrate gained traction, increasing gradually over the past six months. The hashrate is speculated to have spiked after posting significant upward momentum by Bitcoin following a brief fall back on April. A greater hashrate figure implies a rise in mining difficulty which has been charted below.

Source: Blockchain.com

In addition to the hashrate, BTC network reached a 15-month high performing 452,616 confirmed transactions on May 2, 2019. Bitcoin’s number of confirmed transactions peaked for the second time after December 2017 when the transaction figures almost touched 500,000.

Source: Blockchain.com

Despite the brief fall prompted by the controversial Tether-Bitfinex, Bitcoin surpassed $100 billion market cap catapulting the entire cryptocurrency market along with it. After the latest breach beyond $5800-mark, the immediate resistance point for the largest coin which stands at $6000.

The post Bitcoin [BTC] hashrate spikes over 58 million TH/s; confirmed transaction rate also soars appeared first on AMBCrypto.

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