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Bitcoin Hash Rate Smashes All-Time High Despite Price Drop

Bitcoin Hash Rate Smashes All-Time High Despite Price Drop

The hash rate of the Bitcoin (BTC) network has attained a new all-time high record in spite of having a price drop since early September.

According to data from Blockchain.com, the hash rate of Bitcoin has reached a new all-time high record of 135.2 exahashes per second (EH/s).

Bitcoin Total Hash Rate for the last 30 days (Source: Blockchain.com)
Bitcoin Total Hash Rate for the last 30 days (Source: Blockchain.com)

The booming hash rate is one of the bullish trends for the growing cryptocurrency. Bitcoin has experienced a downtrend from nearly $12,000 to $10,000 at the start of September. According to CoinGecko, BTC is changing hands at $10,375, at the time of writing.

BTC/USD price from August-present (Source: TradingView)
BTC/USD price from August-present (Source: TradingView)

Bitcoin interests are increasing worldwide, with Nigerians showing more interest in the asset than in anywhere else in the world. In fact the country had a transactional value of $34.4 million in the second quarter of 2020 alone.

The total power consumption of the whole Bitcoin network was currently estimated to be 67.927 terawatt-hours (TWh) per year, according to Digiconomist. The hash rate and estimated power consumption are generally intertwined. And with this new ATH for the Bitcoin hash rate, the network will be expected to increase soon unless more miners leave the competition.

Meanwhile, crypto analytics firm Messari noted that $500 million worth of Bitcoin (BTC) has been tokenized  on the Ethereum network through the decentralized finance (DeFi) space. With these types of developments happening across various blockchains, the crypto community may expect more surprises in the space toward the end of the year.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.