Data Snippet – Bitcoin Hash Rate hits an all-time high
The Bitcoin hash rate spiked to 267 Billion Gigahashes per second on 3rd May 2020, at 11 am UTC, which is the result of significant network growth approaching the next Bitcoin block reward halving in approximately 8 days.
FIRSTLY, LET’S LOOK INTO BITCOIN HASH RATE FROM 2020-04-20 TO 2020-05-03
- Hash Rate: The computational power of the bitcoin network, per second.
- Hash Rate = (Expected hashes to mine * total blocks) / block time
- BTC Price: The End Of Day closing value of BNC’s Bitcoin Liquid Index (BLX).
- With the upcoming Bitcoin halving taking place in 8 days, the network hash rate has increased ~24% when compared to last month. There is a huge peak in the hash rate, to about 190 billion gigahashes per second per day at the end of 3rd May 2020.
- This spike indicates the network has record miner participation.
- With the increasing hashing power, there are 150 blocks executing every day, on average.
- Revenue earned by miners is increasing as the BTC/USD price increases.
DIVING DEEPER INTO THE HOURLY HASH RATE FOR MAY 2020:
Looking at the above graph, which details the hourly bitcoin networks performance, we can see that:
- The network hash rate in certain hours of the day peaks to ~250 billion Gh/second, executing 10 to 12 blocks per hour, which is far above the targeted six.
- There is significant volatility in computational power, as well as the market spot price. While there is volatility in the hash rate on any given day, miners are consuming a lot of resources to be in this race.
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