Bitcoin (BTC) took another network performance milestone this week as the largest cryptocurrency’s hash rate hit a new high.
Bitcoin secured by 80 quintillion hashes per second
Data from the monitoring resource Bitinfocharts confirmed that Bitcoin’s hash rate exceeded 80 quintillion SHA256 hashes per second on August 8, the first time such a level was reached.
The hash rate refers to the amount of computing power used to validate Bitcoin transactions. The more power there is, the more expensive it becomes for malicious actors to attack the network.
As Cointelegraph reported, the hash rate has hit several new all-time highs in recent months, reversing a downtrend that characterized the second half of the Bitcoin bear market in 2018.
The metric is one of many to set personal bests this year; difficulty and volume, among others, also did.
Greater security boosts investor confidence
The strength of the network in turn contributes to the overall bullish sentiment of Bitcoin supporters, who note that during the cryptocurrency’s record price in December 2017, the same metrics were significantly lower.
As such, the argument goes, Bitcoin is better equipped for growth now than it was then, or at any point in its history.
When that growth will kick off remains uncertain, with views nonetheless converging around the halving of the block size reward next May. Before that, miners will ensure markets stay above last year’s lows, with one analyst setting the floor at around $ 6,500.