As bitcoin prices hover below the $13,000 mark, their fundamentals are rising. Bitcoin computing power set a record of 65.87 EH/s earlier this week, surpassing the all-time high of 65.19 EH/s set last month.
Computational power, also known as Hashrate, is an important indicator of mining difficulty and network performance. Bitcoin computing power has soared to the highest level in history, and its growth rate is exceeding expectations.
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The Coin Research Institute recently released a research report on the Bitcoin network, covering its mining capabilities. The report adds that since the beginning of 2017, computing power has risen by more than 27 times. “The computing power has increased 27 times since the beginning of 2017 and has been breaking the record high. In the same period, the BTC dollar price has increased 11 times, indicating that the competition between miners for block rewards is becoming increasingly fierce.” During the above period, the Bitcoin network The computational power increased from 2.4 EH/s to approximately 70 EH/s, which is more than 28 times the original.
It should be noted that during most of the 2018 encryption winter, the computing power remained stable. The miners were hit hard until the BCH hard fork in December 2018 pulled the price down to below $3,500. However, since then, computing power has been rising.
The Coin Research Institute report also stated that “the total power of Bitcoin (7-day moving average) has increased by 13.11 EH/s in the past 30 days – this is the fastest speed ever. This is approximately equal to 970,000 Antminer S9 mines. The hash value of the machine."
However, the daily active address of Bitcoin does not reflect the success of the miners. On July 7, the daily active BTC address fell to its lowest level since the beginning of the bull market. The number of addresses on April 2 was less than 700,000, while the data on July 7 was 655,000.
In another 10 months, Bitcoin will usher in a halving event. The price of Bitcoin will only soar. Can miners play the role of price catalyst?
This article is from AMBCrypto Original author | Aakash Athawasya
Translator | Yu Shunzhen