Bitcoin (BTC) Celebrates Another Milestone: Hash Rate Surges To New Record High
Bitcoin enthusiasts have been excited this year especially after the bulls finally returned to the market back in April following a really long crypto winter during which we saw the crypto market plagued by the bearish trend which seemed neverending.
There have also been a lot of crypto-related predictions which looked extraordinarily positive, and the bullish predictions for BTC continue.
There’s an overall positive sentiment floating around the crypto market despite the fact that BTC suffered a correction after the recent massive surge.
BTC has rate saw an all-time high
Now, Bitcoin is celebrating another important milestone. The hash rate has just hit a new all-time high, as reported by the online publication the Daily Hodl which cites data coming from Blockchain.com.
The hash rate measures the amount of computing power that’s currently being used in order to secure the network.
This number reflects the resurgence of interest in mining that began in January of 2019.
The head of global sales and marketing at Canaan Creative which makes the Avalon miner has reportedly told CoinDesk that the surging price of BTC is putting more pressure on an already short supply of mining equipment:
“It looks like a return to the 2017 Q3, Q4 conditions, where demand was three times the supply.”
Positive predictions around BTC
As we already said, there have been a lot of positive predictions regarding the price of BTC.
The prediction that Bitcoin (BTC) has the ability to hit as high as $100,000 by 2021 has been floating around in the crypto space for quite a while now, and more important names have been suggesting it.
Recently, we were reporting that Anthony Pompliano, for instance, believes that by the end of 2021, the BTC price will definitely hit $100,000.
Morgan Creek Capital CEO also believes that BTC can hit such high numbers in 2020 or 2021.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.