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Just a week after the Bitcoin network notched up another new hash rate high, it has done it again and this one is a bit of a milestone.
Bitcoin Hash Rate Hits 80 EH/s
For the first time ever, Bitcoin’s hash rate has topped 80 Exahashes per second. According to Bitinfocharts.com network hash rate hit 80.249 EH/s yesterday. The latest milestone has not gone unnoticed on crypto twitter.
Another day, another hashrate ATH.
First time over 80 EH/s.
🚀🚀🚀 pic.twitter.com/Zr8IsFAu6G
— hodlonaut #BIP-110 (@hodlonaut) August 8, 2019
In simple terms the hash rate is the speed at which computers on the Bitcoin network operate. The higher the number, the better it is for miners, as the chances of completing the mathematical problem to solve the block and collect the resultant block reward is increased. These measurement records the number of hashes per second Bitcoin miners are performing on the network.
As a parody against rival blockchains which have forked off from Bitcoin, some have been comparing the two hash rates. Bitcoin Cash and Bitcoin SV are both light years behind in contrast.
Holy crap look at that Hashrate 🚀🌕
Bitcoin 80.2E
Bcash 2.0E
BcashSV 1.1EI literally had to made @rogerkver and Craig bigger in the info-meme to even make them visible. Like no kidding in this chart below all 3 hashrates are shown #Bitcoin #80E #BTC pic.twitter.com/7p8OGYCuAt
— ₿itcoin Meme Hub 🔞 (@BitcoinMemeHub) August 8, 2019
Even RT anchor Max Keiser has noticed the significance of this computing milestone, tweeting ‘Hashrate leads price. 80 Quintillion high means we’re on track.’
Network strength is a bullish sign of market health and several of these measurements, including volume are now higher than they were during the price peak in late 2017. BTC can cope with growth better and other aspects such as block reward halving in May next year can only add to the sentiment.
BTC Transactions and Price Holding Steady
Another measurement of adoption and growth is daily transactions on the Bitcoin network. At the moment there are around 370k transactions per day. The all-time high came during Bitcoin’s price peak in mid-December 2017 when it hit 490k. The most recent high was in early May this year when daily transactions topped 450k.
BTC price was also holding fast at the time of writing. After crossing the $12k barrier twice in the past 24 hours, Bitcoin had retreated slightly to the $11,800 region at the time of writing, leaving it relatively flat on the day. Since the same time last Thursday, BTC has gained around 18 percent.
A couple of longer term technical indicators have turned bullish recently such as Bloomberg’s favoured GTI VERA Convergence Divergence Indicator. This measure of positive or negative trends has flashed a ‘buy’ signal recently according to the outlet.
Additionally a golden cross formed on the four hour chart yesterday. When the 50 moving average crosses the slower 200 MA, it is a sign of strengthening uptrend which is likely to lead to further gains in the respective time frame.
Image from Shutterstock
