Bitcoin Hash Rate Spikes to Record High 62 Exahasg/s, Why Is It Important?

Bitcoin Hash Rate Spikes to Record High 62 Exahasg/s, Why Is It Important?

What is hash rate?

Hash rate is the speed at which a computer is completing an operation in the bitcoin code. The more miners join the network, the higher hash rate gets (i.e. more computational guesses need to be made per second to find the solution).

 

What happened?

The bitcoin hash rate updated the record, reaching almost 62 quintillion hashes per second.

 

Source: https://www.blockchain.com/en/charts/hash-rate

 

#WHATISBENEFIT

When bitcoin tumbles, the hash rate decreases because fewer people mine coins. The more expensive bitcoin is, the larger revenue miners obtain, and vice versa. The hash rate has been constantly growing since the beginning of January 2018 and has reached its peak recently, despite the price of bitcoin is low now. It means that the value of bitcoin is expected to increase.