Bitcoin Hash Rate Soars To New All-Time High, Will Price Follow

As Bitcoin jumped to $40k in the day following Federal Reserve’s raise hike by half a point, another number on the rise is its hash rate, which hit an all-time high of 221 EH/s. Bitcoin, Hash Rate, And Price The Hash Rate is the Bitcoin network’s measuring unit of the computational power and speed used to carry on the mathematical operations that confirm and process transactions on the blockchain. For this reason, the Hash Rate can reflect the global activity of bitcoin mining, increasing or decreasing side by side. The price of Bitcoin and the measure of the Hash Rate are believed to be related. The higher the Hash Rate, the healthier and more secure the network is, and this can lead to an increase in price. However, this is not a guarantee because macroeconomic uncertainty is an important factor that could dominate the future of its trading value. Also, many miners allege that the value of Bitcoin has an impact on the Hash Rate and not the other way around as the miners work around the network –joining or not– depending on the moment’s profitability. Hash Rate And Difficulty Going Up At The Same Time Just one week ago, Bitcoin difficulty hit an all-time high of 29.79 trillion after reaching block height 733,824. As the latest Arcane Research weekly report notes, the algorithm did this difficulty adjustment in order to lower the block production to the desired level, and now it has never been as difficult to...