Not only Bitcoin’s Price but also its Hash Rates are hitting an All-Time-High

A piece of major news came along in the crypto market when it was revealed that Bitcoin hash rates have once again reached a new all-time high.

July 7 witnessed a new zenith for the Bitcoin hash rates. As far as the previous high is concerned, it occurred in the 2nd half of June when it crossed 65.19 TH/s. If observed closely, it can be clearly seen that the BTC hash rates has been increasing since then.

Brief Introduction of Hashing

At Bitcoin, the overall computing force that is running on resolving the proof of business puzzle this called the hash rate.

Well, if that’s a bit too confusing, let’s understand in simpler terms.

At the Bitcoin blockchain, ‘mining’ is basically conducted by working a program of SHA-256 hashing purposes. In cryptocurrency blockchains nowadays, hashing is used to make new transactions, timestamp them, and finally to make a note to them in the past area. When the area of transactions is brought to the blockchain and agreement is reached among operators of other clients (validating that all of them get the far and honest translation of the entire ledger) , It is almost impossible to change the transaction because of the large computing power that could be taken by anyone trying to interfere with the blockchain, and the one-way nature of the hashing. Hashing is so important to preserve the cryptographic integrity of this blockchain.

What does Increasing Hash Rates Indicates?

An increase in any network’s hash rates simply indicates a prodigious increase in the energy consumption of the network.

Despite the insane growth of BTC hash rates, CoinShares, crypto investment product and research firm, estimates that more than 74.1% of Bitcoin mining power is supported by renewable energy.