The Bitcoin network has just pushed its hash rate to an all-time high thanks to all of the computing power behind it. This information comes to us via Blockchain.com, with CoinTelegraph reporting it. According to the data, Bitcoin’s hash rate has topped out at 79 tera hashes per second (TH/s). This occurred on July 20.
A Constant Rate of Increase
This shouldn’t even come as a surprise, however, considering that Bitcoin’s hash rate has done nothing but increase over the past months. June 21 was also a record at 65 trillion TH/s, and July 1 at 70 trillion TH/s.
As mentioned, the number peaked at 79 trillion. Then, on Sunday, numbers stayed close at around 67.1 trillion TH/s. While that’s some volatility, the trend was still rising. Put simply, this number is eight times the power that the network experienced when Bitcoin hit $20,000 during the big blowup back in 2017. At that point, so many people were buying Bitcoin that the asset reached prices that we had never seen beforehand.
Of course, at that point, the asset price fell hard. This year has seen quite a bit of recovery, however, with the asset peaking close to $14,000 in recent days. What’s great about this is that transaction fees within the network are also staying low, even with the higher prices and amount of transactions.
As the publication reports, Bitcoin’s mining difficulty will also increase, making it harder to mine blocks and validate transactions. On top of this, validation rewards will lower from 12.5 BTC to 6.25 BTC. This halving event will occur around May 2020.
Overall, as the world’s first cryptocurrency grows in value, we’re going to see the need for more scalability solutions. Projects like the Lightning Network and SegWit are great starts, for example. However, we’ll have to see if it remains the project that stays on top. Meanwhile, check out our list of cryptocurrency wallets if you’re looking to get into digital asset trading.