It was reported recently that Bitcoin’s hash rate had reached an all-time high. Strong hash rate suggests Bitcoin is a more appealing proposition for miners — more mining power translates into better network security and robustness against potential attacks. According to Blockchain, the metric hit 119 quintillion hashes per second (h/s) on Jan. 1.
A measure of the computing power devoted to validating the Bitcoin blockchain, hash rate spent much of 2019 in a continuous growth cycle. Only for a brief period in Q3 did the upward trend level off. Data from multiple monitoring resources including Blockchain and Coin Dance confirmed hash rate was higher than ever on the first day of the new year.
Bitcoin 1-year network hash rate. Source: Blockchain
Coin Dance’s figures are different, with 143 quintillion h/s recorded for the same date.
The reason for the variation lies in the fact that the hash rate is all but impossible to measure in real terms. Resources can only analyze recent network activity and from that create an estimate of presumed hash rate. The recent records have further come independent of Bitcoin price action. BTC/USD fluctuated between $3,100 and $13,800 last year, but the hash rate trend endured. Commentators, including Keiser Report host Max Keiser, have also claimed that hash rate highs will ultimately produce new Bitcoin price highs.