Earlier this week, Bitcoin rose up and broke the $7,000 mark again, after spending a while in purgatory. Post the hike, the hashrate of Bitcoin also shot up to 50%, out of which, 35% of the hashrate was the result of just the past two days.
Earlier this month, a similar case was recorded for the hashrate of the coin where it soared to 52 quintillions per second. However, the event did not have a major impact on the revenue of the miner community. This time, the processing power of the Bitcoin network has broken a record, currently running at over 60 quintillion hashes per second.
The hashrate peaked for the coin on 28th August, when it was around over 61,000,000 TH/s. In the previous months, namely, June and July, the computing power was seen breaking the 43 quintillion and 50 quintillion mark, respectively.
However, in a larger scenario, the price of Bitcoin has been recorded to hit the slope by more than 60% since its last all-time peak in December 2017 with its hashrate also showing a dissent. The downhill seen in altcoin is even worse with a calculated slump as huge as 90%. Despite the mentioned scenario, the overall behavior of the Bitcoin hashrate only indicates an upward trend, moving higher over time.
The hashrate indicates the entry of new miners into the ecosystem and the energy consumption dedicated to the network. In relation with Bitcoin’s increasing hashing power, the CEO of Oak Labs, Tim Swanson projected his views on his Twitter handle. He wrote:
“Can’t simultaneously say that Bitcoin is – as measured by hashrate – the “most secure public chain” and in the same breath say the miners don’t consume enormous quantities of energy. The fundamental problem with PoW maximalism is that it wants to have a free energy lunch.”
To this, a blockchain entrepreneur and Bitcoin advocate replied. He countered the opinion of the former and stated:
“Bitcoin’s public ledger is secured by its collective hashing power: the sum of all energy expended to do the work in its proof-of-work chain. // It’s the most simplistic and fair way for the physical world to validate something in the digital world. PoW is about physics, not code. Bitcoin is a real asset, minted from energy, the fundamental commodity of the universe.”