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Bitcoin hash rate hits new all-time high amid price recovery

Benson Toti

The Bitcoin hash rate has reached a new all-time high, industry website Cointelegraph has reported, citing data from monitoring website Blockchain.com.

The important measure, which indicates how many calculations a computing device or a network of devices can perform every second, experienced a significant decline during the second half of last year, when crypto prices and confidence in the sector were falling dramatically. However, with crypto having entered recovery mode in recent months, the hash rate of the Bitcoin network has also been on the rise. The 2018 record of 61.86 TH/s (tera hashes per second, or trillions of hashes per second) was surpassed last month, when the Bitcoin hash rate finally returned above 60 TH/s. The hash rate has been rising steadily since, reaching 74.54 TH/s on July 5, according to Blockchain.com.

As noted by Cointelegraph, higher hash rate means that miners have better chance of solving the mathematical problem, sealing off the block and collecting their reward. It also makes the network safer, as it increases the amount of resources needed for performing a 51% attack.

Bitcoin price

Bitcoin has nearly tripled its price since opening at $3,746.71 on January 1. The coin set a new 2019 high at $13,796.49 last month, but has seen a sizable correction since then. So far this month, the coin has been trying to recover from that drop and consolidate its price above the $10,000 mark.

In today’s trading, the Bitcoin price stood at $11,845.77, as of 15:36 BST. The digital coin has gained 4.4% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. This make Bitcoin one of the best performing digital currencies in the crypto top 10 over that period.

At current price levels, Bitcoin has a total market capitalisation of $210.9 billion, which represents 62.8% of the combined value of all digital currencies.

Featured image: Cryptographer /Shutterstock.com

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