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

Introduction | Briefly compare the data structure of Ethereum and Bitcoin

Introduction: Why is Ethereum a second-generation blockchain? At the end of 2017, when I started to understand the bl...

Blockchain

Viewpoint | Reveal the truth of Bitcoin's "halving market", will history really repeat itself?

Source of this article: Financial Author: Cheng Zhipeng The expectation of "halving the market" originates ...

Blockchain

Venezuela wants to cast oil coins to 1 million young people, which is good for Bitcoin.

The Venezuelan government will not let its petropolis dreams burst. Despite being besieged, Venezuelan President Nico...

Blockchain

Market Analysis: BTC rebounded sharply in the morning, 10,000 knives are still an important psychological barrier

Author | Hash sent analysis team Tether makes a fierce response to the "false" judicial reportThe currency ...

Blockchain

Research: Lightning network disposal as a bad node, has been confiscated 2.22 BTC

A new BitMex Research report found that the Bitcoin Lightning Network node confiscated 2.22 bitcoins ($24,000) from m...

Blockchain

Bitcoin is still expected to reach $42,000 by the end of the year? Hedge fund CEO also believes that it can reach $356,000 in 2021.

Dan Morehead, chief executive officer (CEO) of Encryption Investment Company and hedge fund Pantera Capital, believes...