Despite Bitcoin’s 2018 price slump, the dominant cryptocurrency’s hash rate continues to surge at an astonishing pace. Although the value of Bitcoin has decreased by 53% since January 1st, 2018, the hash rate has increased 155% in the same time period.
The continued growth in hash power demonstrates a strong, continued belief in Bitcoin by miners worldwide and may foreshadow a hidden bullish trend. In simple terms, mining is the process of running complex calculations in search of a specific number.
In a race to find the number first, mining hardware is used to run through as many calculations possible to secure the block reward, currently at 12.5 BTC per block. Each calculation attempt to solve the computation is known as a “hash” and the “hash rate” is computed in hashes per second(h/s).
ASICs (application specific integrated circuits) have become the sole mining hardware used to mine Bitcoin due to their increased hash rate ability and higher energy efficiency. One ASIC has a mining power of approximately 12 tera-hashes per second.
For comparison, in 2013, the total hash rate of the Bitcoin network on April 29, 2013, was 79.02 Th/s. The hash rate of Bitcoin continues to hike at a rapid pace, indicating a growing number of Bitcoin miners. Read more from cryptoslate.com…
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