The Bitcoin hash performance continues to rise despite the price slump, reaching another record high this week. The crypto network of the most popular digital currency by market capitalization is getting stronger every day.
Bitcoin Hash Performance Rises to Over 62,000 PH/S
The bitcoin hash performance (the computing power of the Bitcoin network) reached 62,000 PH / s, reaching another all-time high in August. Most notably, the hash performance doubled in August, rising from 31,000 to 62,000 PH / s. In the meantime, a high of more than 40,000 PH / s was reached in July, which was again significantly improved in August. The Bitcoin network is stronger than ever.
And despite the correction of the Bitcoin price by almost 65 percent. During the all-time highs of the Bitcoin price in December 2017 and January 2018, the hash performance was “only” at 20,000 PH / s. The hash performance of the Bitcoin network has increased threefold in recent months. This is surprising, but at the same time shows that confidence in the system of cryptocurrency is increasing.
Does the Bitcoin Price Follow?
The huge increase in hash performance means that new miners are entering the business, or that new Bitcoin mining equipment is being purchased. Private individuals or businesses invest a lot of money to participate in Bitcoin mining, despite the sobering bitcoin price. Many new mining companies have been set up around the world – and some use renewable energy. Many newcomers want to participate in Bitcoin mining.
Keizer Reports financial analyst Max Keizer is convinced that the Bitcoin price follows the hash performance. There are good reasons why the Bitcoin course could follow the hash performance. Bitcoin Miners could force a higher bitcoin price so their mining business is profitable for the future. The former Wall Street trader assumes that one can expect a new all-time high soon. “$28,000” would still be possible, Keizer said, based on his HR (hash rate) analysis.