The higher the Bitcoin hashrate, the greater the security of the entire network in terms of resistance to the so-called 51% attack. Bitcoin started 2020 well in this respect – he set a new record, which means he is currently the safest in history.
At least claims two respected sources which calculate the average hashrate values - Blockchain.com and Coin Dance. Both sources confirmed that on January 1 the BTC hashrate set a new record.
Hashrate expresses the computational power needed to extract a new block. According to experts, the fact that hashrate is rising is evidence that the price of bitcoin will go up in the coming months or years. The more effort and energy the miners invest in BTC mining, the higher their costs. To be profitable, they must rely on the price of the mined commodity to rise.
Graph: Bitcoin Hashrate growth over the past year
Bitcoin Hashrate grew practically throughout 2019 except for a short period in the third quarter. Over the past 12 months, he has set several new records.
The latest one is dated January 1, 2020, the year in which the long-awaited halving awaits, with a value of 119 quintillion HASH algorithms per second according to Blockchain.com and up to 143 quintillion h / s according to CoinDance.
In fact, the Hashrate rate cannot be measured in real terms. It is only based on analyzes of the recent activity of the bitcoin blockchain. That is also why different sources give different figures.