Bitcoin’s community hashrate reached a brand new report excessive this week, prompting encouragement from trade commentators as technical assist continues to develop exponentially.
Extra Hashes Than Sand On Earth
Information from Blockchain (previously Blockchain.data) confirms that the present hashrate has reached 52 quintillion hashes per second. This marks the primary time Bitcoin has reached the brink in its historical past.
52 quintillion (52,000,000,000,000,000,000) is such a big quantity that it’s troublesome to place into perspective, as one Twitter commentator famous, retweeting the figures.
As a method of comparability, the variety of grains of sand on Earth is round 7 quintillion, whereas the planet additionally incorporates roughly 326 quintillion gallons of water.
The achievement for Bitcoin marks a continuation of accelerating hashrate development which has characterised the cryptocurrency this yr.
The Blockchain information confirms a 60 p.c improve up to now three months alone, whereas Bitcoinist final reported on hashrate highs in mid-June when the determine had reached 43 quintillion.
‘It Makes You Marvel What Sellers Are Considering’
On the time, Russia Right this moment host and cryptocurrency proponent Max Keiser forecast an imminent value improve on the again of the technical fundamentals, arguing that “value follows hashrate.” BTC/USD shot up 15 p.c simply days later.
This time, ideas are once more turning to cost upturns as Bitcoin subsequently cooled from multi-week highs near $8500.