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Hash rate for the world’s largest cryptocurrency in terms of market value, Bitcoin (CRYPTO: BTC) hit an all-time high on Sept. 12.
At time of writing, MEXC Markets Global shows the price for Bitcoin hovering around $19,9100.
What happened: on Sept. 12, Bitcoin hash rate reached 232.082 million terahashes per second (TH/s), marking a new history record.
The last time the hash rate reached its peak was back in June, but after a short period it collapsed following the heat wave that swept across cities in the U.S., forcing many miners to shut down their machines in order to conserve energy.
Why it matters: over the years, there has been speculation that Bitcoin is dying, however the increase in hash rate signifies more miners are jumping on board, proving Bitcoin’s doubters wrong. Arcade Research expects mining hash rate to reach as high as 245 exahashes per second (EX/s) by the end of the year following the rise in the hash rate.
The next thing miners are anticipating is the Bitcoin halving, which was expected in May 2024 but according to metrics from nicehash.com it will come 1 months earlier on April 15, 2024. The date is different from the often referred estimate of May 3, 2024 which uses a 10-minute block interval.
Bitcoin halving happens after every time 210,000 blocks are mined — approximately every 4 years — and it will continue happening until all the 21,000,000 Bitcoins are mined.
Photo by Worldspectrum on Pexels
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