BTC hash rate at all-time high
136.2 trillion hashes per second! An incredible value that describes the current network power of the BTC ecosystem. The new record value reflects the enormous competition of the miners. With the upcoming Bitcoin Halving Event, the hash rate could even increase further in the coming days. We take a look at the current events.
What is the hash rate?
The hash rate is a unit of measure for the computing power in the Bitcoin ecosystem. To ensure security, the miners provide their computing power to allow the network to perform complex computing operations. For this purpose, the hash function must fulfill two tasks. On the one hand, all hash values should occur approximately equally when trying out different inputs. On the other hand, even the smallest changes must be detected and lead to a new hash value.
The Difficulty – A double-edged sword
For investors, a high degree of difficulty (degree of difficulty in mining) usually means more security. The more computing power flows into the ecosystem, the more stable it is. For miners, however, as the degree of difficulty increases, it becomes more and more difficult to cover their invested computing power, let alone achieve greater profits. After the third Halving Event, the situation could change abruptly.
Bitcoin Halving and the consequences
The Bitcoin Halving is considered one of the biggest highlights in the crypto year 2020, with the Mining Rewards halving in about 70 days from 12.5 BTC to 6.25 BTC per block mined. As a result, the inflation rate drops to an approximate value of about 1.8% (currently the inflation rate is 3.67%). In practice, the miners will only be able to mine 900 BTCs per day from then on. Many experts believe that the falling supply could have a positive effect on the price if demand remains the same or increases. A similar situation was observed after the last Bitcoin Halving Event. However, one should also expect that many miners, after the coming Halving, will move to another crypto currency or abandon mining completely.
Bitcoin course in detail
Bitcoin compensates at least partially for last week’s losses on Monday. With a price increase of just under 4%, the 9000 USD mark is coming back into sight and the bulls are showing their faces. Currently the No.1 crypto currency is at a rate of 8828 USD and the 24 hour volume of over 41 billion USD shows the interest of investors. The Bitcoin Dominance Index, on the other hand, is falling slightly to 63.6%.
What are the Altcoins doing?
All Altcoins share a market share of “only” 36.4 %. This explains a pattern that we have been observing for over a year: The Altcoins follow the Bitcoin at every turn, and independent outbreaks are a rarity. This also applies to the current market. Ethereum and Co. are using the upward trend to limit the damage. Bitcoin SV builds on the strong performance of the past few days and conjures the best daily chart (based on the top 30) on the crypto floor with a pump of about 13%.