Bitcoin records an all-time high hash rate on the halvening day

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The reward for mining each block on the bitcoin network has reduced by half for the third time to decrease the supply of new coins created. Bitcoin recorded an all-time hash rate on the halvening day.

The reward for mining each block on the bitcoin network has reduced by half for the third time to decrease the supply of new coins created.
The reward for mining each block on the bitcoin network has reduced by half for the third time to decrease the supply of new coins created.
The leading cryptocurrency on its halvening day recorded an all-time high hash rate.

This is the third time that the mining reward was reduced to cut the supply of new coins being created. The price of bitcoin stumbled over the weekend as it fell below $8,800. The new all-time high hash rate is around 140 EH/s. Even though it was a small improvement above the previous high in March, it was highly inconsistent in preparation for the reduction in the hash-rate. Previously, all-time high hash rate was recorded in the first week of March at around 133-135 EH/s.


At the time of writing, the leading cryptocurrency is changing hands at just above $8,700. 1.1% up in the last 24 hours. The price post halvening was highly speculated upon by traders and analysts. Bitcoin has gained more than 20% since the beginning of the year as it touched $10,000 last week after falling below $4,000 mark in mid-March. In 2016, post halvening, the price dropped over 25% in the month following the event and spent most of the time in consolidation around that level. But the hash rate continued to increase ever since. Read More