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Bitcoin [BTC] hash rate vs Ethereum [ETH] hash rate: BTC sees good recovery as ETH stagnates

Akash Anand

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Bitcoin [BTC] hash rate vs Ethereum [ETH] hash rate: BTC sees good recovery as ETH stagnates
Source: Pixabay

The cryptocurrency market has seen a lot of ups and downs since the start of the bear attack which has directly affected the prices, market caps, and other metrics. Since the start of March, the prices have seen a slight increase with Bitcoin seeing a steady hold above $4000. There has also been a steady increase in the hash rate of Bitcoin, which means that the number of people coming into the Bitcoin ecosystem has increased.

Source: Blockchain.com

Source: Blockchain.com

Recent reports show that Bitcoin’s hash rate had seen a drop of 50% but then steadily increased to register an 80% gain. At the same time, Ethereum had dropped by 50% with no recovery as of yet. Dovey Wan, the Founding partner at Primitive had said:

“This is the most direct reflection of confidence from miners based on their expectation of that PoW coin.”

She further stated that:



“Zcash hashrate has been pretty steady despite having maybe the worst price performance of all top PoW coins, thanks to A9 being the most profitable ASIC out there which can still mine Zcash profitably even if $ZEC price hits $10.”

According to the charts, Ethereum’s hash rate had peaked sometime around August 2018 after which it had continuously fallen to settle at its current hash rate of 147.221 billion hashes per second. At the same time, Bitcoin’s hash rate was at 47.567 trillion, a stark increase from its fall to 32.728 trillion before the end of 2018.

Source: Etherscan.io

Source: Etherscan.io

Bitcoin’s resurgence in its hash rate was shown recently when it recorded a 4-month high on the charts. On March 19, Bitcoin’s hash rate increased to 52 quintillion hashes per second, the highest it had reached since November 2018, when the hash rate spiked to 54 quintillions. The highest hash rate ever recorded in the Bitcoin ecosystem was 62 quintillion hashes per second which was achieved in August 2018.





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Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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