Bitcoin computing power hit a new high, with an average daily trading volume of $2 billion. Analysts believe that price increases will follow.

According to data from the monitoring resource website Blockchain.com on August 19th, the bitcoin network computing power reached a new high.

This summer, the power of this "number one cryptocurrency" continues to break the previous record, reaching an astonishing 82.5 / s today.

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Bitcoin network computing power (1 year chart) 丨 Source: Blockchain.com

In a tweet published earlier this month, bitcoin investor Max Keiser said:

“Prices follow the calculations, and the power chart continues the bull market for 9 years. #比特币新闻# Cryptography#Mining# Blockchain News

Bitcoin network fundamentals

The power of cryptocurrency (sometimes referred to as hash or computational power) is a parameter that gives a measure of the number of computations that can be performed per second for a given network. Higher computing power means more competition between miners to verify new blocks; this also increases the resources needed to perform 51% of attacks, making the network more secure.

The bitcoin network's computing power has been refreshing throughout the summer, a bullish signal, and analysts and traders are encouraged by the strong and robust signs of the network.

Bitcoin network average daily transaction volume reached 2 billion US dollars

There are many indicators for measuring the health of Bitcoin networks. The first thing that comes to mind is computing power, but daily trading volume is another measure of system success.

The bitcoin network is growing so fast that an average of $2 billion worth of bitcoin is transferred every day. Industry observer Rhythm Trader acknowledged the true power of Bitcoin.

“On average, $2 billion worth of Bitcoin is transferred through the network every day. No government, bank or third party has to verify these transactions, nor can they block any transactions. The real power of Bitcoin.”

Looking to the future

It will take some time for the block reward of Bitcoin to be “halved”: May 2020.

Although the event may have a positive impact on the currency price (by increasing scarcity), its impact on miners has been closely watched, and some fear that block reward reduction will hinder network participants and negatively impact the network's computing power. influences.

This summer, Charlie Lee, the founder of Litecoin (LTC), who predicted that the Litecoin mining ecosystem would be hit by half after the halving event – ​​was the calculus after the halving event When the past was as high, his expectations were overturned.