According to monitoring data obtained on Aug 19 from Blockchain.com, the bitcoin hash rate broke a new record and reached a whopping 82.5 TH/s.
A cryptocurrency hash, sometimes called hashing or computing power, is a parameter that reflects the amount of computation that a particular network can perform every second. High hashing speed increases competition among miners when checking for new blocks and thereby increases the amount of resources needed to complete the attack by 51%, which makes the network more secure.
Data released during the summer shows bullish signs, with analysts and traders unanimously reporting signs of the strength and reliability of the Bitcoin network. Halving bitcoin, that is, halving the remuneration of miners, is not yet soon – in May 2020.
This event, also, can have positive consequences for the growth of the coin price (increase in deficit), its effect on miners is closely monitored, as there are fears that lower block rewards will restrain network participants and negatively affect the network hashrate.
This summer, the creator of Litecoin (LTC) Charlie Lee, who suggested changes to the Litecoin network after the halving, came to the conclusion that the network hashrate remained at the same high level as before.
In a message posted on Twitter earlier this month, Bitcoin investor Max Kaiser claimed that:
“The price follows the hash rate, and the hash chart continues its 9-year bull trend.”