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).
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.
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.