Last week, the Bitcoin network had recorded a significant hash rate. But while the community is still celebrating, another milestone had been unlocked in just a matter of days. Hitting over 80 EH/s for the first time, the Bitcoin network had once again proven why it’s the world’s number one.
Another day, another hashrate ATH.— hodlonaut🌮⚡🔑 (@hodlonaut) August 8, 2019
First time over 80 EH/s.
As per the details provided by Bitinfocharts.com, Bitcoin’s hash rate had surpassed the 80EH/s mark, at 80.249 to be exact. This happening marks a threshold for crypto enthusiasts, with most of them sharing their exuberance on crypto Twitter.
Hash rate is the term used to describe the computers’ speed of operation of the Bitcoin network. A high hash rate signals that the network is healthy, meaning, the miners have increased chances of solving mathematical problems to earn the block’s reward ultimately.
Holy crap look at that Hashrate 🚀🌕— Crypto Meme Central 🔞 (@CryptoScamHub) August 8, 2019
I literally had to made @rogerkver and Craig bigger in the info-meme to even make them visible. Like no kidding in this chart below all 3 hashrates are shown #Bitcoin #80E #BTC pic.twitter.com/7p8OGYCuAt
Some crypto Twitter users decided to share their emotions by comparing the historic hash rate high of the Bitcoin network against its forked versions. The figures are proof that the original version is light years ahead of its Blockchain rivals. As of press time, Bcash and BcashSV have hash rates of 2.0E and 1.1E, respectively. Max Keiser, a notable RT anchor even dubbed the event as “80 Quintillion” high on his tweet.
The hash rate record is one of the indicators of the Bitcoin network’s strength. Other measurements show bullishness as well, with almost all figures beating the records that were achieved in the latter part of 2017. The signs are indicating that BTC copes well with growth and they are crucial, given that there is only less than a year before the halving.
The number of transactions that happens on the Bitcoin network is also an indicator of growth and adoption. Around this time, the figures show a daily average of 370k transactions. The all-time high of 490k was acquired in December 2017, when Bitcoin’s price was at the peak. In May, the network witnessed another high of over 450k.
In connection with the good number of daily transactions, the price of BTC is showing its strength as well. The past 24 hours showed that the price had managed to topped the $12k barrier twice although it fell relatively flat at $11,800 on the rest of the day. Based on the record, BTC was able to gain around 18% since Thursday.