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Approaching Halving, Bitcoin Hash Rate Reaches New ATH

Risky Candra
Updated

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Ahead of the Halving, a big moment every four years, mining activity on the Bitcoin network is known to be increasing. In fact, reports note that Bitcoin's hash rate hit a new record high, indicating that the network is stronger than ever to welcome the highly anticipated halving event next year. 

What is the impact if the BTC hashrate is high?

Quoting the Blockchain.com page , Bitcoin's total hash rate on Wednesday (23/11) reached 491 exahas per second (EH/d). This means that every second mining machine around the world that secures the Bitcoin network creates 491 quintillion hash computations . 

Hash rate itself refers to the amount of computing power used per second. The more computing power is used, the more difficult it is for hackers to attack more than 50 percent of the Bitcoin network. Not only that, this high hash rate also shows that there is more mining activity on the network because many miners are expanding their operations and using more machines to generate more profits. 

Also read: Everything You Need to Know about Bitcoin

Hash computing, or hashing , is the process of converting data into a string of characters that has a fixed length. This process is needed to do many things on the Bitcoin network, such as creating private keys so users can make transactions. 

Well, a high hash rate makes it difficult for hackers to attack the network because they need much more mining power from the machine to match the current hash rate . This will of course affect the costs and energy consumption required, where the energy required will be higher and the energy consumption will be greater. 

Also read: Interested in buying Bitcoin? Here is the Complete Guide

Bitcoin Halving Could Be a Bullish Indicator 

The upcoming Bitcoin halving is the fourth since Bitcoin was launched in 2008. This highly anticipated moment is set to occur in April and is generally considered a bullish indicator for the market.

This is because the halving will reduce 50 percent of the rewards that Bitcoin miners can get in order to limit supply while suppressing BTC inflation. If history is a reference, this halving moment will cause Bitcoin prices to rise significantly. 

Bitcoin itself has a fixed supply of 21 million coins, and currently there are at least 19.5 million coins circulating on the market.

Source: Decrypt

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.

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