Bitcoin (BTC) Hash Rate Skyrockets, Targets New All-Time High

News
Sun, 06/07/2020 - 14:47
Vladislav Sopov
While Bitcoin’s difficulty is close to its 2019 levels, the hash rate of the flagship blockchain spiked. Why is this meaningful?
Cover image via stock.adobe.com
Contents

The hash rate for Bitcoin (BTC) is targeting new a new all-time high (ATH) according to charts by Coinmetrics. This sign has no chance of not being bullish for flagship cryptocurrency holders.

100 Blocks Ahead of Schedule

Alex Thorn, a VC investments expert and associate of Fidelity's Avon Ventures, noticed the hash rate's explosive move up for Bitcoin (BTC), which started on June 2, 2020.

Image via Twitter

According to charts revealed by Mr. Thorn, Bitcoin's hash rate surged above 130 EH/s for the first time in its fourth epoch. Mr. Thorn discovered that this allowed Bitcoin (BTC) miners to add 100 more new blocks to the chain prior to being scheduled.

This is the most rapid spike for Bitcoin's hash rate, especially in a turbulent year. It has managed to gain almost 40% since June 2, 2020.

The actual all-time high was registered before the price market bloodbath known as Black Thursday. On March 1st, 2020 BTC reached an insane level of 136.24 EH/s. During the three most painful weeks of March 2020, the hash rate decreased almost 50%.

Miners are Optimistic

It looks like Bitcoin (BTC) miners have shrugged off the negative aftermath of Black Thursday and the slashing of third mining rewards, which occurred on May 10, 2020.

Miners are aggressively adjusting their operations to a new reality. According to the official website Bitmain, a top-level producer of mining rigs, all models starting from Antminer 17 were sold out.

It took only a few weeks for Bitmain to sell out all of its brand-new S19 series mining gear.

Sales of these models (S19 and S19 Pro), which have an incredible performance rate of 110-115 TH/s, started only in May. The recently released T19 (third model) also sold out in only three days.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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