Just recently the price of bitcoin jumped over the $9,000 per coin zone, but retracted back a hair not too long afterward. On May 3, the research and analysis firm Glassnode reported that the overall BTC hashrate touched another all-time high above 140 exahash per second. As miners continue to hash away at the network, there are only seven days left until the notorious block reward halving.
Bitcoin Hashrate Climbs Past 140 Exahash per Second
In a week’s time on May 12, 2020, the BTC blockchain will experience the third block reward halving since the inception of the network back in 2009. The event means that miners who find blocks will only get 6.25 BTC per block, as opposed to the current 12.5 BTC they can obtain today. Despite the 50% cut in revenue seven days from now, miners have increased processing power quite a bit in the last few weeks. The crypto-analysis firm Glassnode revealed on Sunday that the BTC chain saw well over 140 exahash per second (EH/s), which is an all-time high (ATH) for the network.
Market prices also show that BTC values spiked to $9,300 per unit on April 30 and stayed above the $9K range, up until Sunday at 8 a.m. EST. Since the early morning trading sessions on March 3, the price has been hovering below the $9K area, but above the support at $8,500. BTC’s overall hashrate has increased 10X since the price hit $19,600 on Bitstamp on December 17, 2017. At that time, the hashrate was only 14EH/s and it has since increased 935% since the price ATH that year. BTC’s SHA256 hashrate was over 100EH/s by the end of October 2019. The significant jump over 140EH/s on Sunday didn’t last very long and statistics from charts.Bitcoin.com show the hashrate is 110EH/s on Monday. Read More
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
