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Bitcoin hash rate records a high establishing user confidence

Photo of: Sangeetha Golchha
by Sangeetha Golchha

The Bitcoin network’s hash rate has reached an all-time high as per the latest reports. The number of terahashes per second on the Bitcoin network has reached 131.707 million which takes into account a 7-day average. The hash rate of Bitcoin is regularly updated by the hugely popular Blockchain.com.  Users can easily access the information on the link. 

The best part about the entire episode is that despite the market’s recent pause in the bull run, the hash rate is still skyrocketing and touching new heights. The last 24 hours have been really crucial and the hash rate continues to hit new records In the last 7 days, a new record has been noted considering the 7-day average. 

This also goes on to prove that despite the ups and downs, the users feel bullish about the market from a long term perspective. The future of the most popular virtual currency seems bright especially when it has been perceived to be the most popular store of value. Users also with the high hash rates can have a great idea about how secure the network is in actuality. And as per the figures, it seems as though the Bitcoin network has never been as secure as it is now at this stage keeping in mind the latest recorded figures. 

Source: Blockchain.com

The curve is just increasing year over year with a slight disagreement midway between 2018 and 2019. When the asset is marked by a period of growth, it tends to increase on a very regular basis. But when there is a price drop in Bitcoin, the opposite happens. There is another thing that should be taken into account and that is miner’s revenue. It is important to note that the miner’s revenue is not very high compared to what it was a few months ago. But, it still is higher compared to when Bitcoin was trading close to its bad low of $3200 in December 2018. 

The latest data suggest that Bitcoin is registering a good hash rate performance with Litecoin also reaching its zenith since the October 2019 start. The growth has been despite the Litecoin price falling behind relative to that of Bitcoin as well as many other currencies that were in the market. Check out Litecoin’s historical hash rate chart over the past one year. 

Litecoin came very close to falling from the top 10 when Polkadot exceeded most of the older and established virtual currencies in the market. But Litecoin developers are now creating a privacy feature that will allow users to trade LTC coins without the need to share private information.  This way Litecoin becomes the biggest privacy coin in the world in terms of market valuation. 

Bitcoin’s price has been hovering around a price of $10.350 with a total market cap of over $191 billion. Litecoin as of now is the 9th largest virtual currency in the world with a price of almost $49 and a market cap of $3.2 billion.