This article comes fromAMBCrypto, Original Author: Aakash Athawasya
Odaily Translator |
Odaily Translator |
As the price of Bitcoin hovers below the $13,000 mark, its fundamentals are on the rise. Bitcoin hash rate hit a record of 65.87 EH/s earlier this week, surpassing the all-time high of 65.19 EH/s set last month.
Computing power, also known as hash rate (Hashrate), is an important indicator describing mining difficulty and network performance. Bitcoin computing power has soared to an all-time high, growing faster than expected.
Binance Research recently released a research report on the Bitcoin network, involving its mining capabilities. The report added that since the beginning of 2017, the computing power has increased by more than 27 times. “Hashrate has grown 27-fold since early 2017 and has been breaking new all-time highs. BTC’s dollar price has risen 11-fold over the same period, indicating growing competition among miners for block rewards.” During the above-mentioned period, the Bitcoin network’s The computing power has increased from 2.4 EH/s to about 70 EH/s, which is more than 28 times the original.
It should be noted that hashrate remained stable throughout most of the 2018 crypto winter. It wasnt until the December 2018 BCH hard fork that dragged its price below $3,500 that miners were hit hard. Since then, however, hashrate has been on the rise.
The Binance Research report also states that “Bitcoin’s total computing power (7-day moving average) has grown by 13.11 EH/s over the past 30 days—the fastest rate ever. This is roughly equivalent to 970,000 Antminer S9 mines Hash value of the machine.
However, Bitcoins daily active addresses do not reflect the success of miners. On July 7, daily active BTC addresses fell to their lowest level since the start of the recent bull market. The number of addresses on April 2 was just under 700,000, compared to 655,000 on July 7.
