What bear market? The bitcoin hashrate has cracked another record high this week as the world’s most famous cryptocurrency chain gets stronger with each day.
Bitcoin Hash Rate Hits 62 Quintillion
The Bitcoin hashrate, or the computing power of the Bitcoin network, has broken yet another all-time high of 62 quintillion hashes per second. This marks a whopping 50 percent gain in the month of August, alone.
The accelerating bump in the hashrate has been impressive this year despite an 80 percent market-wide correction since Bitcoin price 00 reached all-time highs late last year. What’s more, the network hashrate is up more than 150 percent over the last six months.
Price to Follow?
The staggering rise in hashrate shortly translates into new miners going live on the Bitcoin network. In other words, mining operators are investing real money with no qualms about this year’s sluggish prices.
Meanwhile, economic analyst and host of the Keiser Report, Max Keiser, reacted to the news. Restating his belief that “price follows hashrate,” the former Wall Street trader said that he now expects a new all-time high in price to follow.
“Based on my [hashrate] analysis, new ATH incoming,” he tweeted. “$28,000 still in play.”
Based on my HR analysis, new ATH incoming. $28,000 still in play. pic.twitter.com/hYgPti1cqn
— Max Keiser (@maxkeiser) August 28, 2018
Images courtesy of blockchain.info, Shutterstock, Twitter.