BITCOIN’S HIGHEST HASH RATE IN 4 MONTHS SUPPORTS GROWING OPTIMISM
https://bitcoinist.com/bitcoin-hash-rate-4-month-optimism/"March 19th saw the Bitcoin hash rate surge past 52 quintillion hashes per second according to data from Blockchain.com.
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The rise in hash rate also translates into new miners joining the network.
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The latest uptick may prove to be significant as this means that the downward trend in hash rate may now be definitevly broken along with the previous spike of 50,000,000 TH/s seen in early February.
Overall, network security is at its highest since the beginning of November 2018, marking a 4-month high. It’s also getting closer to the all-time record high of roughly 62,000,000 TH/s set in August 2018.
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Casa CTO, Jameson Lopp, for example, believes that miners speculate on the future price of bitcoin. Therefore, it is possible that miners are beginning to return as the BTC price is currently experiencing a four-week winning streak.
“Hashrate follows price,” he explains. “Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track ~spot~ price, but rather tracks some ~speculative~ future price. Miners are speculators too!”
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The recovery of the hash rate also suggests that unfounded fears of a ‘mining death-spiral’ as price plummeted late last year may now be put to rest.
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Worth noting, today’s Bitcoin hash rate is over four times greater than when BTC price hit its record high of nearly $20,000 in December 2017."
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