BTC computing power continues to rise, rising 40% in 19 years, close to historical highs

As the price of Bitcoin continues to rebound this year, it seems that it has rekindled interest. The computing power of the Bitcoin network has also been rising, and is now close to the highest level in history.

Bitcoin mining

Image source: Flickr

As of press time, data from Blockchain.com shows that bitcoin's computing power is about 48.00TH/s. However, on May 2, this figure reached 58TH/s, which means that the network computing power has increased by nearly 40% since the beginning of 2019, only about 6% from the highest point in history.

Hashrate_may-min2

Bitcoin network computing power (source: Blockchain.com)

According to Blockchain.com, bitcoin's computing power reached 60.09TH/s on September 24, 2018, and then fell to 32TH/s on December 2, 2018.

The network hash rate (power) is necessarily related to the number of miners mining Bitcoin. More miners often lead to higher hash rates. The hash rate is directly related to the difficulty of the Bitcoin network. As more and more miners enter the network, the network will increase in difficulty. A drop in the hash rate means that the profitability of mining is declining, causing miners to shut down their mining machines or choose to dig other cryptocurrencies.

Based on current high levels of computing power, one might conclude that at least interest in bitcoin mining is rising in the industry. Mining is actually an investment in the future price of Bitcoin, and it shows that the industry is optimistic about the price of Bitcoin.

The correlation between bitcoin price and computing power

The price of BTC also has a certain correlation with the calculation power. After all, the price falls to a certain extent, and the miners cannot make a profit, and may even lose money. After Bitcoin fell sharply from the $6,000 region last year, miners began to leave the Bitcoin network in large numbers.

Hash_rate_p2-min

Chris Derose of the Counterparty Foundation said a few years ago that computing power may indicate the health of the network. Derose believes that:

“The computing power shows the enthusiasm of people investing in the network, at least to some extent.”

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Wu's Weekly Picks: HSBC launches cryptocurrency ETF, US SEC rejects spot ETF application, Azuki criticized by community, and top 10 news (June 24-30)

Author | Wu's Top 100 Blockchain News This Week. US SEC Returns Spot ETF File According to WSJ, the US...

Market

Former SEC Official Can a Spot Bitcoin ETF Be Approved? What Benefits Will Cryptocurrencies Have If the Republican Party Wins in 2024

Author | Former SEC official John Reed Stark Compilation | Wu said SEC will approve the recent Bitcoin...

Blockchain

Vitalik's Full Text on the Evolution of Ethereum in Singapore Ten Years of Ethereum and Current Challenges

Author | Compiled by Vitalik Buterin | Original link from DeThings https//www.dethings.com/app/h5/#/pages/common/topi...

Blockchain

Bybit Compensation Manager's Self-Embezzlement Analysis Vulnerabilities and Improvements in Blockchain Enterprise Financial Management

Author | TaxDAO Wu said that on July 28th, Blockchain reported the full text of a mysterious case Bybit's payroll man...

Market

Wu said July mining news Smagma big order and Samsung's new technology, mainland promotes Fil mining machine, Little Deer Bhutan mining fund, etc.

Author | Wu Shuo Blockchain 1. Hut 8, an encrypted mining company, announced that its subsidiary, Hut 8 Holdings Inc....

Blockchain

US lawyers discuss the future of the SEC's case against Binance and Coinbase: the outcome may be very different

Compile | Wu's original article on blockchain | CoinDesk original article link: https://www.coindesk.com/consensus-ma...