Bitcoin Hits Record Network Hash Rate

Olowo by Olowo - 06:22 AM Sep 05, 2019

Bitcoin Hits Record Network Hash Rate

Bitcoin (BTC) saw another sharp increase in its computing power after its network hash rate rose 25% in a week, reaching a new all-time high.

Data from the blockchain monitoring tool puts Bitcoin's hash rate at 87 quintillion hashes per second (h / s) as of Tuesday, September 3.

The number exceeded 80 billion h/s for the first time in early August and has set new historical highs almost daily in recent months.

Hash rate refers to the overall computational power involved in processing Bitcoin transactions. The higher the metric, the more power available and therefore the safer the Bitcoin network is.

More Bitcoin miners  in 2019

In addition, a rising hash rate means that miners are investing large amounts of resources to expand their operations, meaning that the value of Bitcoin will increase in the future.

Many miners entered Bitcoin again in 2019 following last year's hash rate drop, accompanied by a price hike that began on April 1 this year.

Bitcoin has shown signs of recovery this weekend, registering an increase of about 10% since the weekend. It's market dominance has also increased and is now at 70%.

Brazil wants blockchain use law

Meanwhile, Brazilian Lawmaker Israel Batista wants the use of blockchain to be law within the Federal Government. Batista has filed a request for the approval of Bill 4797/2019 in the House of Representatives to institutionalize the use of blockchain. technology.

The Bill which provides for the digital rendering of public services in public administration asks that the blockchain be used for various processes, including accountability.

According to the lawmaker, the digital provision of public services should be a response from the Public Administration in view of the diffusion of new technologies.

This will allow greater interaction and approximation between the public power and society, given the public outcry for less bureaucracy.

About The Author

OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.


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