RATE Group | Hash Rate and Bitcoin Price During Mining Events: Are They Related?
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Hash Rate and Bitcoin Price During Mining Events: Are They Related?

08 Mar Hash Rate and Bitcoin Price During Mining Events: Are They Related?

Posted at 00:30h in Bitcoin News by

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On Saturday Bitcoin (BTC) price dropped below $9,000 again, increasing the uncertainty surrounding future price estimates and reminding investors that the Coronavirus continues to impact markets across the world.

Cryptocurrency market daily performance. Source: Coin360

Cryptocurrency market daily performance. Source: Coin360

Interestingly, Bitcoin’s hash rate reached an all-time high on March 5 – 157 quintillion hashes per second – according to the available data from Coin Dance. This increase has been the pattern since the start of this year.

Hash rate represents the computational power that Bitcoin miners need to employ to confirm transactions on the blockchain. The increase in hash rate represents higher security in the network, a trend that has been consolidated in recent years, ultimately increasing confidence for potential investors in Bitcoin.

Hash Rate (quintillion hashes per second) from Jan. 2016 - Mar. 2020. Source: Bitinfocharts

Hash Rate (quintillion hashes per second) from Jan. 2016 – Mar. 2020. Source: Bitinfocharts

The relationship between the hash rate and the future Bitcoin price have been discussed as well as…

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