The Bitcoin mining hash rate continues to reach newer heights despite recent price tank and cooling down of interest in the cryptocurrency in general. The sustained mining strength of the network shows that miners are not deterred by the latest price tank at least till now and are betting on long-term price rebound of the cryptocurrency.
According to recent data from cryptocurrency mining monitor Blockchain, October saw the highest levels of hash rates ever witnessed in the history of the cryptocurrency’s existence despite uncertain market index of the Bitcoin price. The top high of 134 quintillion was witnessed on 10 October as well.
Hash rate is a measure of the amount of computing power dedicated to a cryptocurrency network for making transactions secure. Newly-created cryptocurrency block rewards and transaction fees are distributed among miners depending on the amount of computing power dedicated by each miner.
Record mining rates are resisting the recent 10% drop in prices and the all-important profitability of mining operations is now reaching a lower point which was supposedly going to affect the overall hash rate but the move has been resisted until now.
Many miners believe that the time until the next Bitcoin block reward halving takes place is a great opportunity to get some good mining exploits.
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