Bitcoin hash rate has hit a fresh all-time high (ATH) which shows that the king crypto has continued to gain on its technical ability.
Fresh data from BitInforCharts shows that the total hashes have jumped to 126Eh/s. This shows that the Bitcoin network has been in a meteoric rise in the last two years as the rate was only 13Eh/s when Bitcoin hit its all-time high price in Dec. 2017. The new figure indicates 126 quintillion tried solutions for every second.
The high hash rate illustrates that Bitcoin is currently the strongest and most secure computing network in the blockchain and crypto industry. Currently, it is impossible to perform a 51% attack on BTC as anyone trying wouldn’t be able to withstand such a level of hash power.
The high hash rate shows that there is high miner confidence as there are more miners within the network than ever before. It also shows that miners are more cautious of the incoming BTC halving that will occur in May.
Hash rate can be described as the total amount of processing power that is required for validation in a network. A high hash rate means that it is now more difficult to mine Bitcoin than before. This means that only the miners with superb mining devices and can access chap electricity can afford to remain profitable. Since the start of this year, mining difficulty within the Bitcoin network has increased by 13%.
With the impending halving that will take place in May where miners will get half the reward for finishing a block (6.25 BTC), the ideal expectation is that there will be a mass exodus of miners to other cryptos. However, the recent trend of higher hash rates shows that there are more miners coming to the Bitcoin network.
The miners are expecting that the halving will lead to a price surge and could be the reason they are trooping to the network for a share of the pie post-halving. The high hash rates are good for the pre-halving period.