Bitcoin network 8 times stronger than in December 2018

Bitcoin (BTC) now has more processing power than ever before. He also reached another milestone and the hash rate reached an all-time high.According to data from the Blockchain monitoring tool, the total hash rate of the Bitcoin network reached a maximum of 79 tera hashes per second (TH / s) on July 20.

Hashrate, which is generally considered a measure of the robustness of Bitcoin transaction security, has broken several records in recent weeks and months. As Cointelegraph reported, the last all-time highs were at 65 trillion TH / s on June 21 and 70 trillion TH / s on July 1.

This number declined slightly over the weekend after reaching the $ 79 trillion mark. According to the latest data, a hashrate of 67.1 trillion TH / s was recorded on Sunday. This value fluctuates regularly, but generally has an upward trend. In other words, the Bitcoin network now has nearly eight times more computing power than it did at the end of 2017, when the Bitcoin price climbed to $ 20,000.This record was even achieved despite a stagnating Bitcoin rate. This reached a high of $ 13,800 two weeks ago and then went down.Since then, due to regulatory pressure, it has dropped to as much as $ 9,125, which did not affect network performance. As Cointelegraph explained, bitcoin transaction fees remain low despite price and volatility.

The trend in mining, which has reversed since the low point of the Bitcoin bull market in December 2018, is now increasingly focused on halving the block reward in May 2020.In a recent analysis by well-known trader Filb Filb last week, he said that the bitcoin price is likely to be more heavily influenced by the miners over the next year.

Halving the block reward will result in Bitcoin miners getting only 6.25 BTC per block of verified transactions instead of 12.5 BTC.The Bitcoin Mining Difficulty, which has recently hit new highs, is likely to continue to rise, just like the Hashrate.