Bitcoin computing power hit a record high! "The bull market has arrived" and then get the hammer

According to the data, bitcoin network computing power has reached a record high as Bitcoin regains a high of $9000.

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Bitcoin computing power refreshes historical highs

According to data from Blockchain.com, the bitcoin network's computing power—the computing power needed to ensure network security—has reached 62 trillion hashes per second (62 million TH/s) last Friday.

Screenshot 2019-06-17 12.02.15 PM

Source: Blockchain.com

This represents the highest computing power of the Bitcoin network record, which was recorded at 61.9 million TH/s in late August 2018.

The Bitcoin network computing power is continuing the trend in early 2019, and its data is steadily increasing every 7 days.

More mining nodes are active on the network, creating greater security by reducing the likelihood of malicious attacks on blockchains.

In December 2018, the bitcoin computing power fell more than 45%. At one time, the discussion about the mining industry’s “surrender” in the bear market became a hot spot. However, with the new high bitcoin computing power, this view was also shattered. .

Fundamental factors continue to strengthen the bull market

Bitcoin network computing power is high, but bitcoin development is enjoying one of the many core fundamentals of positive growth. The daily active address of Bitcoin has recently returned to more than 1 million.

The increase in the number of daily active addresses does not appear to have a material impact on network fees, as the current average transaction cost is approximately $1.33. If a reliable wallet is calculated using a fee, the user can even get a lower fee.

When the Bitcoin network computing power is hitting a record high, the spot price of Bitcoin has hit upwards, reaching a price level above $9,000. Bitcoin broke through the $9,300 mark yesterday, creating a new high in a year.

MT Greenspan, senior market analyst at eToro, points out that the fundamentals of the Bitcoin network are the best indicators of price movements. As always, the recent surge in prices has also occurred when network activity reached new highs.

In addition, according to Fundstrat co-founder Thomas Lee, Twitter said on Twitter .

To take a step back, the BTC is currently at a new high in 2019. Is it similar to the previous fears of missing opportunities? The encryption winter is over.

Screenshot 2019-06-17 Afternoon 1.23.28

It is worth noting that the current price of Bitcoin is still lower than the price of the previous high, when Bitcoin was around $6,700. Since the beginning of 2019, bitcoin prices have risen by nearly 150%, of which bitcoin has risen by 100% since April.

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