Bitcoin Hash Rate to Hit a Milestone 100 Quintillion for the First Time
Bitcoin ( #BTC) is aiming for a new network record as its hash rate is just inches away from hitting three figures.
Bitcoin hash rate nearing 100 quintillion
Data from statistics and wallet provider Blockchain published on Sept. 8 shows that as of that date, Bitcoin’s hash rate has topped 94 quintillion hashes per second.
A record in itself, the number is now set to reach 100 quintillion for the first time in Bitcoin’s history, commentators suggest.
Hash rate refers to the overall computing power involved in processing Bitcoin transactions. The more power, the more secure and profitable the Bitcoin network is.
Hash rate spent six months in recession during the second half of 2018, before staging a dramatic comeback in January. Three months later, Bitcoin price followed suit, rising from $3,500 to local highs of $13,800.
Keiser: Bitcoin gains will come at fiat’s expense
According to RT host Max Keiser, price traditionally follows hash rate in bull runs. Now, he says, it is fiat currency which will start feeling the strain due to Bitcoin’s success. “ #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,” he wrote on Twitter on Sunday.
The pace of change in Bitcoin likewise did not go unnoticed by Lightning Torch relay organizer Hodlonaut, who on Twitter noted the metric measured just 6 quintillion in September 2017. “Today, hashrate increases with that same amount every 2-3 weeks,” he added.
BTC/USD meanwhile has yet to capitalize on network strength again. At press time, the pair traded sideways just below $10,200, having lost almost 4% over the past 24 hours.
Bitcoin Price Drops $200 in Minutes as $10.2K Support Shows Cracks
#Bitcoin (BTC) price suddenly dropped by roughly $200 in minutes on Sept. 16 as commentators nevertheless revealed broad belief that upwards growth is imminent.
Bitcoin price should eye $10,700 to spark uptrend
Data from Coin360 revealed a rare period of almost level trading for Bitcoin overnight, having spent the weekend trading in a narrow corridor between $10,175 and $10,435.
Press time levels of $10,160 nonetheless showed a lack of support for $10,300, which had characterized the largest cryptocurrency since Sept. 13. Previously, a more volatile week saw highs of $10,900 and lows of $9,950.
Now, however, analysts believe the status quo is due for another shake-up. As oil prices grew on Monday in the wake of tensions in Saudi Arabia, Skew Markets noted Bitcoin was unusually less volatile than the black gold.
This style of behavior, DTAP Capital founder Dan Tapeiro argued, was unlikely to last much longer. “Bitcoin chart is very close to upside breakup. Strong close over 10,700 trendline should really accelerate,” he wrote in a Twitter update on Monday.
Fellow trader and Bitcoin.Live contributor Chronis cited current volatility chart readings as historically sparking significant Bitcoin price moves.
Cointelegraph contributor Filb Filb likewise saw the potential for rougher conditions, arguing on his Telegram channel that #BTC/USD must close above $10,200 to guarantee support for a rebound.
On fiat markets meanwhile, analyst Holger Zschaepitz noted, it was oil-producing nations’ currencies that gained from the Saudi worries, while those of consumer states dropped as oil prices increased and output fell 5%. Altcoins fall flat against sudden Ether pump
Altcoins produced a mixed bag for investors at the start of the week. Against Bitcoin’s flat moves, many of the top twenty cryptocurrencies saw light losses of up to 1.5%. Bucking the trend was the largest altcoin #Ether (ETH), which put in daily gains of 2.4% to hit $194. Having previously languished at $170, Monday’s rate was its strongest since mid-August.
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