The FOMO for Bitcoin caused the price to rally from ~$4,000 to ~$13,000, rising by ~$9,000 in a matter of 90 days. This caused everyone to believe that the bear market had finally ended. However, over the course of 2 years, the hash rate of Bitcoin has also increased massively.
As seen in the chart above, the hash rate of Bitcoin has risen to a whopping 65.19 EH/s. 65.19 EH/s is being devoted to keeping the Bitcoin network functioning smoothly i.e., 65,190,000,000,000,000,000 Hash per second.
The hash rate for Bitcoin’s algorithm is set in such a way that as more miners join the network, the more difficult it is to mine blocks as the corresponding difficulty increases. This explains the ever-rising hash rate of Bitcoin.
Comparing the current hash rate to the start of the parabolic bull run in April 2019, it has increased by 1.3 times. Comparing the current hash rate to that of 2017, when Bitcoin’s price reached its all-time high, it has risen by more than 5 exahash in over two years. A higher hash rate being allocated not only increases difficulty, but also makes the Bitcoin network more secure. If Bitcoin has more security, it would disallow attackers from taking over the chain and performing a double spend attack.
Kevin Rooke tweeted,
“Bitcoin’s hashrate is now at 69,000,000,000,000,000,000 hashes every second. Hashrate is up 2x since Dec 2018 lows, and over 10x since Jun 2017… If 69 quintillion is a number that feels too large to comprehend, consider this… There are an estimated 7 quintillion grains of sand on earth. Every single second, the Bitcoin network performs 10x as many hashes as grains of sand on the planet.”
A Twitter user, @MartinAudely, commented,
“By September 7th, Bitcoin users will have paid more in fees to validate 4.5tps than the entire value of the Nano network.”
Another Twitter user, @antiprosynth, commented,
“This has relatively little to do with added capital/power though. ASICs have gotten a massive efficiency boost. So higher hash rate, but the same security”