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Bitcoin hash rate reaches all-time high on the first day of 2020

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Bitcoin’s network hash rate broke all previous records and reached an all-time high, according to reports from the Blockchain.info explorer.

On Jan 1st, 2020 Bitcoin’s network hash rate reached 119.3 Quintillion hashes. Reports from Coin Dance suggested the current Bitcoin hash rate is around 143 Quintillion hashes. A strong hash rate suggests that more miners are mining a particular cryptocurrency.

Bitcoin hash rate according to Blockchain.com

Source: Blockchain.com

Reason for increase

The exact reason for the increase in hash rate is unknown, but according to a few insiders, miners are trying to mine as much Bitcoins as possible before the halving which takes place in the second quarter of 2020. The halving would see the mining rewards be halved from 12.5 BTC to 6.25 BTC.

Although there is no direct relation between the hash rate and the price of Bitcoin, investors such as Max Keiser suggest that more hash rate would lead to an all-time highs of Bitcoin.

In-accuracy in Hash Rate

Bitcoin hash rate reported by Blockchain and Coin dance is not totally accurate. In fact, no one knows the exact current hash rate as it’s really hard to get the total number of miners. Most of the research firms are summing the hash rate from large mining farms, but they do not account for small farms and independent miners.

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Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He is the founder of popular blockchain media - Blockmanity. He trades cryptocurrencies and holds some but he prefers holding Bitcoin.

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