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

Blockchain

Follow-up of the Hodlonaut incident: CSW responded for the first time and hopes to prove itself through litigation

The world of cryptocurrencies has fallen into chaos, and CSW has once again become the center of controversy. The ent...

Market

Bitcoin soared and fell, approaching $14,000

In the past 24 hours, the highest value cryptocurrency bitcoin experienced a sharp rise and fall of the roller coaste...

Blockchain

Bitcoin skyrocketed, and investors are planning to do this after standing for $5,000...

At 12:30 on April 2, Chen Gang, who had finished lunch, was in the restaurant, and the mobile phone on the table bega...

Blockchain

Market Analysis | Bitcoin's stability of $5,300 is an opportunity for reversal?

Foreword Yesterday afternoon, Bitcoin began to rebound after holding $5,200 to hold the downtrend. The mainstream cur...

Blockchain

Litecoin, the whole line of mining machines approaching the shutdown price... Bitcoin machine S9 is also "hard"

How to say it is good, the Wright currency computing power may usher in a wave of crit. At present, mining is still i...

Market

What else can Bitcoin bring us if we can't hedge?

Production | CoinVoice Text | Simba To push humans into an orderly information and data society, we must get out of t...