• Bitcoin mining hash rate hits new all-time high of 119 EH/s

The Bitcoin mining hash rate hit a new all-time high of 119 EH/s on New Year’s Eve and has increased 176% during 2019 despite a relatively bearish second half of the year. This new hash rate record is equivalent to 119,000 PH/s, 119 million TH/s, 119 billion GH/s, or 119 trillion MH/s. This is a tremendous amount of mining power, especially considering that there was a time when Bitcoin’s hash rate was only a handful of MH/s.

A higher hash rate is equivalent to a more secure network, and therefore the Bitcoin network is more secure than ever before. Further, an increasing hash rate suggests that miners are anticipating Bitcoin’s price to increase, and are willing to mine Bitcoin for little to no profit now in expectation of their Bitcoin becoming much more valuable in the future.

Indeed, the block halving is coming in May 2020, and each block halving in the past has coincided with a major Bitcoin rally, likely due to the block halving drastically reducing the market supply of Bitcoin.

 

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