Hash Rate Is Surpassing 150 Quintillion as Bitcoin Re-enters the $9,000 Price Zone
Miners of Bitcoin (BTC) have set a new record of computing power. Now, Validating transactions have become faster.
In the words of Anthony Pompliano (Pomp of Bitcoin), Hash rate shows BTC “doesn’t care about anything”
Going ahead, A monitoring resource Coin Dance has also appreciated that on March 5, for the first time ever, the Bitcoin network Hash rate has hit the record level of 150 quintillion hashes per second (h/s).
Meanwhile, the hash rate is expected to further continue its rise. On Thursday, its metric hit 157 quintillion h/s.
What Is Hash Rate?
Hash rate was established to ensure the security of the Bitcoin network. It determines the profitability of miners who validate the blockchain. In recent times, despite the instability in the prices of Bitcoin, the Hash rate continues to grow consistently.
Bitcoin Miners Maintain Their High Performance
Despite a 12% price drop last week, Bitcoin miners maintain their performance at a high level.
In a tweet, Morgan Creek Digital co-founder, Anthony Pompliano (known as Pomp in crypto circles) mentioned that
This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong,
Bitcoin's hash rate has hit another all-time high.
This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong.
Bitcoin doesn't care about anything other than doing what it was built to do. pic.twitter.com/q5VF2AFn0D
— Pomp ? (@APompliano) March 3, 2020
Bitcoin doesn’t care about anything other than doing what it was built to do.
Anthony Pompliano stated
It seems that Hash rate calculations and price of Bitcoin do not absolutely affect exact miner participation.
Bitcoin Is Setting Its New Price
However, RT host Max Keiser shows a hope that Hash rate achievements would be followed by improvement in the Bitcoin price.
Technical analysts of the largest cryptocurrency, BItcoin did not put their hopes down after the price returned below $9,000. Willy Woo –a Statistic Analyst- showed his confidence in Bitcoin as he delivered a target of $135,000 price target for BTC/USD.
In Summary, BTC/USD reentered the $9,000 zone on Thursday after reaming at low price for more than a week. Currently, the Hash Rate has surpassed 150 Quintillion. Daily gains totaled 3.2% at press time