Bitcoin’s Hashrate Hits Record High 130 EH/s, as BTC Price Faces Resistance at $12,000

Bitcoin’s Hashrate Hits Record High 130 EH/s, as BTC Price Faces Resistance at $12,000
фото показано с : news.bitcoin.com

2020-8-17 16:30

Bitcoin’s seven-day average hashrate has reached a new all-time high of 130 exahash per second (EH/s) – a feat that might positively influence the asset’s price, while adding to the fundamental strength of the Bitcoin network.

According to the latest data from charts.Bitcoin.com, the previous peak of about 127 EH/s was recorded on July 28. The Bitcoin (BTC) hashrate dropped sharply after the last halving on May 11, falling to about 90 EH/s, as miners with old, inefficient mining rigs closed shop.

However, the decline was quickly reversed as miners re-entered the network. Bitcoin’s scheduled supply cut reduced miner bonuses by 50% to 6.25 BTC per block. Overall, the processing power of Bitcoin has grown by more than 77% since August 10, 2019.

Bitcoin (BTC) global hashrate according to data from charts.Bitcoin.com on Monday, August 17, 2020, at 9:00 a.m. ET.

Hashrate is a measure of the power of the computers linked to the Bitcoin blockchain, which determines their ability to produce new coins. Increasing hash power suggests miners are optimistic about making profits.

This might as well influence the price of bitcoin higher, given the strong correlation between the two. But the relationship is not exactly as linear, because it is difficult to gauge future price changes based on hashrate alone, so things can turn out differently.

The good thing is that when miners commit more computing power to process bitcoin transactions, that helps secure the network against 51% attacks – a situation that could allow rogue miners to hijack the system and double-spend some coins.

At the time of writing, each BTC is trading for $11,888, up 1.1% over the last 24 hours, as per data from markets.Bitcoin.com.

The top cryptocurrency has struggled to break resistance at $12,000, remaining capped in the $11,200 to $11,800 range for a couple of weeks now. Some pundits expect the price to hit $28,000 by year-end.

What do you think about Bitcoin’s rising hashrate? Let us know in the comments section below.

The post Bitcoin’s Hashrate Hits Record High 130 EH/s, as BTC Price Faces Resistance at $12,000 appeared first on Bitcoin News.

origin »

Bitcoin (BTC) на Currencies.ru

$ 102213.97 (+0.10%)
Объем 24H $45.376b
Изменеия 24h: -2.77 %, 7d: -2.44 %
Cегодня L: $101581.06 - H: $102434.72
Капитализация $2025.653b Rank 1
Цена в час новости $ 12269.97 (733.04%)

bitcoin price 130 hashrate high positively might

bitcoin price → Результатов: 126


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30


Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.

2024-11-26 10:30