For the first time, Bitcoin’s network hashing power is getting closer to the 100 EH/s. So far it is 6 EH/s away (94 EH/s at the moment) from attaining a three figure number and also reach a new historical milestone for bitcoin.
The more bitcoin’s computational power the more secure the network becomes. We have to note that 70% of the energy used by bitcoin network is coming from renewable energy sources.
Hashing Power And Price
What make this milestone more interesting is that traditionally when hashing power increases the value of bitcoin tends to increase too. At least that case the case when comparing historical data.
At the moment bitcoin standing at roughly $10350 and it relatively stable for the past month +-5% from the current price. But the fact that computational power increases may as well change that in the near future.
As Max Keiser mentioned on his recent tweet, increasing hashing power will start to becoming a problem for fiat.
We also have to mention that bitcoin’s network power at the start of the summer was about 55 EH/s meaning it almost doubled in a 3-month period which is a feat on its own.
Image by Gerd Altmann from Pixabay