Bitcoin’s [BTC] growth received a major boost, after its hash rate recorded its highest level in 4 months, on 19 March.
According to data released by Blockchain.com, Bitcoin’s hash rate data surged to 52 quintillion hashes per second. The hash rate last reached similar levels in November, when the hash rate crossed the 54 quintillion mark. The highest hash rate ever recorded was around 62 quintillion hashes per second, in August 2018.
Bitcoin Hash Rate graph | Source: Blockchain
Bitcoin mining is an important aspect of the token’s crypto ecosystem, and Bitcoin’s hash rate is the computation of Bitcoin miners’ performances. The hash rate measures the performance and efficiency of miners who secure the crypto network. Higher the hash rate, more the number of resources required to successfully mine Bitcoin.
Hash rate is a crucial indication of the mining community’s sentiment. Rising hash rate implies that there is a build up of confidence in the miner’s minds, indicating a more secured Bitcoin network.
Rising hash rate also indicates that more and more miners are joining the network. The present rise in Bitcoin’s hash rate suggests a completely different story than the one last year, when a lot of miners quit the coin’s mining network.
During last year’s bearish run, the hash rate suffered incredibly, leading to many miners shutting down their mining rigs. The miners who quit the network were found selling their mining equipment at throwaway prices, following the falling profits of the mining industry.
Matt Odell, a Bitcoin entrepreneur had this to say,
“That’s the beauty of the difficulty adjustment. Every miner that is turned off increases the profitability of remaining miners.”
Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing.