The Bitcoin network has experienced a considerably consistent rise in its recorded hashrate over the last couple of weeks. Now, according to information from crypto wallet and data statistics provider Blockchain.com, the network has crossed 94 quintillion hashes per second and is on its way to 95, inching closer to another new record of a 100 quintillion hashes.
Hash Rates and Bitcoin’s Price
Hash rate is a term used to describe the amount of computing power being directed at the network for all its activities including mining and processing of transactions. When hash rates increase, it directly means that the security, stability and profitability of the network also increase as well.
At press time, data from CoinMarketCap puts Bitcoin at $10,315. Bitcoin has been swinging sideways for a while now and spent some time below the $10,000 point. Now that it is above that mark and has set a new hashrate record, this could be a pointer to the possibility of a rally sometime soon. Last year, Bitcoin’s hash rate took a nose dive and stayed considerably low for a while. When it eventually picked up at the beginning of the year, Bitcoin surged within a few months.
Keiser Says Fiat will Struggle
Popular host of the Keiser report, Max Keiser, has said in a tweet that an increase in Bitcoin’s hashrate and general wellness of the network could be bad for fiat as attention would be directed towards Bitcoin. Keiser said:
“Bitcoin hash set to break 100 Q. This will start to become a problem for fiat as data centers dedicated to maintaining fiat systems are pulled into the BTC black hole of true value.”
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