The hashrate of the Bitcoin network reached a new all-time high this week, stimulating the encouragement of industry commentators while technical support continues to grow exponentially.
More Hashes Than Sand On Earth
The data of Blockchain (formerly Blockchain.info) confirm that the current hashrate has reached 52 quintillions of hashes per second. This marks the first time that Bitcoin has reached the threshold of its history.
52 quintillion (52,000,000,000,000,000,000) is such a large number that it is difficult to put in perspective, as noted by a Twitter commentator, retweeting the figures.
As a means of comparison, the number of grains of sand on Earth is about 7 quintillion, while the planet also contains about 326 quintillion liters of water.
Bitcoin's success marks a continuation of the acceleration of hashrate growth that has characterized the cryptocurrency this year.
The Blockchain data confirm a 60 percent increase in the last three months alone, while the last Bitcoinist reported the hashrate highs in mid-June when the figure reached 43 quintillion.
"It makes you think about what sellers think"
At that time, the presenter of Russia Today host and cryptocurrency Max Keizer predicts an imminent price increase on the back of the technical fundamentals, claiming that "the price follows hashrate". BTC / USD rose 15% only a few days later.
This time, the thoughts come back to revolutionize prices while the Bitcoin is subsequently cooled by a maximum of more than a week close to $ 8500.
"Even assuming a growth rate of 10%, you wonder what they think sellers.It must be close to the fund for [cryptocurrency] "former head of global emerging markets in the commodity division of the insurance giant AIG Philippe M. Heilberg wrote on Twitter about the Bitcoin hash rate on August 6th.
Hashrate growth for #BTC in the last 3 months is 60 percent. Even assuming a 10 percent growth rate, you wonder what the sellers think. Must be near the bottom for #crypto in particular #Bitcoin and #litecoin
– Blockchain PMH (@BlockchainPmh) 4 August 2018
Despite a correction in the last week, confidence in the short-term future of Bitcoin remains strong. The announcement of the ICE owner of the New York Stock Exchange that would build and launch a digital asset platform settled by November helped reinforce beliefs that BTC / USD hit the bottom, despite the doubts of some Wall Street sources on the interest of the industry for cryptocurrency.
What do you think of the extraordinary bitcoin hash rate? Let us know in the comments below!
Images courtesy of Blockchain.com, Shutterstock