Bitcoin kicks off 2020 more secure than ever as hash rate hits record high

msarro

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Quote

119 quintillion h/s on Jan 1
143 quintillion h/s on Jan 1
Source

With this enormous hashing rate one thing is clear that mining is only for those who can afford expensive hardware as well as electricity bills.
Let’s hope in 2020 we have same increase in adoption rate of bitcoin which is what bitcoin badly need.

piebeyb

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a high hash rate might make bitcoin prices go up, but it all depends on how this will lead us to halving later this year, whether this hash level can push bitcoin prices up higher than before, I see price movements rising well since last night there dump prices below $ 7,000 are then raised again above $ 7,000

red4slash

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good information, because I'm sure by increasing the bitcoin hash it signifies something good too.
This increase could have an impact on prices as well, and I hope it can continue to increase this year especially for prices.

pooya87

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Quote from: Kemarit on January 03, 2020, 01:59:22 AM

Hash rate has been topping previous high in 2019, like every week you will see in increasing but we have seen how the price is reacting to it.

price doesn't react to hashrate, instead hashrate reacts to price.
the hashrate rises always have either one of these reasons: 1. the price had risen in the past and the hashrate is just catching up to the rise slowly. 2. some new mining equipment was sold to public or a some new miners found extra profitable settings (low electricity cost for instance) to start mining.

Yamifoud

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I'd find it not too strong to push for Bitcoin price to move high. Though is something signifies that we will able to see a market surge in the coming days but the hash rate can be often to change every now and then.
It was too early to celebrate and believe me or not, the market won't go that straight high, we are still be experiencing downfalls before we top for another high IMO.

Kemarit

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Quote from: vennali on January 03, 2020, 01:03:05 AM

Bitcoin (BTC) has already hit a new record in 2020 as the cryptocurrency’s network hash rate once again topped previous all-time highs. Data from multiple monitoring resources including Blockchain and Coin Dance confirmed hash rate was higher than ever on the first day of the new year. Read more about it on Cointelegraph

Hash rate has been topping previous high in 2019, like every week you will see in increasing but we have seen how the price is reacting to it.

Don't let anyone be 'misled' by this statistics, we've seen hash rate similar or even higher than 2017, but it didn't mean a thing to the ecosystem. So there's no correlation of Bitcoin's hash rate and price, IMHO.

mk4

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Let's not get too excited. I hate to be the doomsayer, but hashrate can potentially drop after the halving if the price didn't rise as the mining reward gets cut in half, hence profitability could drop for the miners, hence lower hashrates.

I don't want to be too pessimistic, but let's just be very realistic of the potential outcomes.

Jawhead999

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Bitcoin is the first cryptocurrency, it's make be bitcoin the famous and known in cryptocurrency.
The price will grow up by time to time, and i hope it will hit $15,000-$20,000 in end of 2020

blckhawk

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It looks like a continuous uptrend since mid-2019, and it's generally a good sign of miner adoption, though not real adoption by different sectors as a currency. We could also see here that contrary to most people think, hash rates don't correlate to adoption, and thus to price, which is not the case. Nevertheless, having known such increase in hash rates indicates more full nodes are running in the network, which is good.

vennali

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Bitcoin (BTC) has already hit a new record in 2020 as the cryptocurrency’s network hash rate once again topped previous all-time highs. Data from multiple monitoring resources including Blockchain and Coin Dance confirmed hash rate was higher than ever on the first day of the new year. Read more about it on Cointelegraph

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