Bitcoin Network Hash Rate Just Hit 80 Quintillion - What Does It Mean?

By Ed-california | CoinBuzz | 9 Aug 2019

$2.89 tipped


An interesting statistic is just being reported by various crypto media news outlets, one that points to crypto being in an excellent position to grow. The Bitcoin network’s hash rate is at its all time high, reaching 80 quintillion hashes per second. This is in keeping with an upward trend in recent months.

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Bitcoin’s hash rate determines how much computing power is required to overtake the network. The computing power is used to validate transactions, and if a single entity manages to take over half of the network, that can lead to double spends. This is theoretically possible, but practically extremely difficult. As the hash rate of the network grows, this makes it more unlikely. 

Generally speaking, the Bitcoin network has been showing a lot of growth in its technical fundamentals, which suggest that the network is poised to receive a larger scale of adoption. 

What Does it Mean? 

There are a few different ways that this is very important for an average user on the network. First, this gives the Bitcoin network an added level of security. This alone is not enough to push the price up - but it is an indirect indicator of positive sentiment supporting Bitcoin. 

Combine this with the increase in trading volumes, institutional investment and the upcoming Bitcoin halving, and the digital asset becomes something that looks on the cusp of reaching a little bit more into the mainstream. 


Ed-california
Ed-california

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