Bitcoin Hash Rate Tag Hits New Record Ahead of Halving

Bitcoin hash rate set a new record around three weeks from halving and six weeks after dropping 40% in two weeks. Some analysts believe that price follows hashrate.

04 May, 2020 | AtoZ Markets – Bitcoin’s third halving will take place in about three weeks. The halving takes place approximately every four years, allow the number of coins issued per block to be halved. It results in a 50% reduction in BTC inflation. Halving rewards per block means miners’ incomes will also be cut in half. But that hasn’t stopped Bitcoin’s hash rate from reaching new heights.

BTC Hash Rate Hits New ATH

Bitcoin’s hash rate just today hit a new record at only shy of 150 exahashes per second — 150 with 18 zeroes after it hashes every second. Bitcoin holders have already felt the effects of the recent increase in the hash rate. Block explorers recorded 16 blocks mined in an hour just a few days ago, far above the average of six blocks per hour.

The hash rate is more than nine times higher than what was in effect in December 2017. When the crypto market reached a peak of $ 20,000, and the hash rate has grown by about 50% since the start of the year.

The mid-March price collapse led to a brief exodus of miners operating older hardware. After that, the Bitcoin hash rate hit a new high (ATH) of more than 142 exahashs per second (EX/s) on 3 March. This new record exceeds the previous ATH of 123 EX/s posted on 8 March. BTC’s hash power dropped 40% in two weeks after setting its previous hash rate on 8 March, dropping from 123 EX/s to just 75 EX/s.

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However, with the prices going up, the next six weeks saw the hash rate increase by 90%. Analysts speculate that a combination of the rise in crypto prices. Halving has contributed almost to double the hash power in less than two months. Several crypto analysts believe that the price of Bitcoin will follow its hash rate. If the hash rate goes up, the price of Bitcoin will eventually follow.

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