The bitcoin (BTC) hash rate, the collective processing power securing bitcoin’s blockchain, have increased to levels not seen since November 2018.
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On March 19, BTC’s hash rate surpassed 52 quintillion hashes per second, according to Blockchain.com.
This metric shows the performance of all bitcoin miners on the blockchain, as well as new miners joining the network.
Mining has stayed relatively flat, making it easier for new miners to come onto the blockchain.
As the hash rate increases, the difficulty of receiving a block reward escalates.
Some believe the recent rise in BTC’s hash rate may indicate the bottom may be in as the downward trend in hash rate begins to reverse.
BTC’s all-time record high hash rate was approximately 62 quintillion hashes per second, achieved on Aug. 26, 2018.
Jameson Lopp, CTO of Casa, believes miners speculate on what the future price of BTC will be.
It’s possible that miners are making a return as the price of BTC continues to climb for the fourth week in a row into $4,000 territory.
“Hashrate follows price,” staed Lopp.
“Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track price, but rather tracks some future price. Miners are speculators too!”