RATE Group | It’s Never Been Harder to Mine Bitcoin as Hash Rate Hits New Highs
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It’s Never Been Harder to Mine Bitcoin as Hash Rate Hits New Highs

18 Jan It’s Never Been Harder to Mine Bitcoin as Hash Rate Hits New Highs

Posted at 09:09h in Bitcoin News by

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The mean hash rate of the Bitcoin (BTC) network has hit new all-time highs to mark the cryptocurrency’s latest technical achievement, fresh data suggests.

Compiled by monitoring resource Glassnode, a new analysis of Bitcoin’s historical hash rate shows that on Jan. 7, the mean value reached 119 quintillion hashes per second — its best ever at the time.

Bitcoin hash rate (1-day moving average) versus price

Bitcoin hash rate (1-day moving average) versus price. Source: Glassnode

Consensus on BTC hash rate record

Hash rate refers to the amount of computing power miners are using to validate the Bitcoin blockchain. The more power, the more notionally secure the blockchain is. A large hash rate can also be taken as a statement of the attractiveness of mining for participants.

Glassnode’s reading derives from the one-day moving average hash rate calculation. While the hash rate is impossible to measure exactly, the data supports other estimates showing the metric hit new records in recent weeks and months. 

As Cointelegraph reported,…

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