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Bitcoin’s hash rate records 4-month high as confidence in BTC mining grows

Biraajmaan Tamuly

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Source: Pixabay

Bitcoin’s [BTC] growth received a major boost, after its hash rate recorded its highest level in 4 months, on 19 March.

According to data released by Blockchain.com, Bitcoin’s hash rate data surged to 52 quintillion hashes per second. The hash rate last reached similar levels in November, when the hash rate crossed the 54 quintillion mark. The highest hash rate ever recorded was around 62 quintillion hashes per second, in August 2018.

Bitcoin Hash Rate graph | Source: Blockchain

Bitcoin mining is an important aspect of the token’s crypto ecosystem, and Bitcoin’s hash rate is the computation of Bitcoin miners’ performances. The hash rate measures the performance and efficiency of miners who secure the crypto network. Higher the hash rate, more the number of resources required to successfully mine Bitcoin.

Hash rate is a crucial indication of the mining community’s sentiment. Rising hash rate implies that there is a build up of confidence in the miner’s minds, indicating a more secured Bitcoin network.

Rising hash rate also indicates that more and more miners are joining the network. The present rise in Bitcoin’s hash rate suggests a completely different story than the one last year, when a lot of miners quit the coin’s mining network.



During last year’s bearish run, the hash rate suffered incredibly, leading to many miners shutting down their mining rigs. The miners who quit the network were found selling their mining equipment at throwaway prices, following the falling profits of the mining industry.

Matt Odell, a Bitcoin entrepreneur had this to say,

“That’s the beauty of the difficulty adjustment. Every miner that is turned off increases the profitability of remaining miners.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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