The hash rate for bitcoin is approaching a monumental milestone as the cryptocurrency nears 100 quintillion for the first time.
100 Quntillion Hashes
According to data compiled by monitoring and wallet service Blockchain, bitcoin’s network topped 94 quintillion hashes per second on Sept. 8, inching closer to the milestone of 100 quintillion. While BTC’s hash rate has already hit a new record, the 100 quintillion mark would make for a show of continued growth for the network’s adoption.
Hash rate has historically been used as a measuring stick for the computing power being contributed to a cryptocurrency’s network. It increases the amount of difficulty and competition involved in miners obtaining new BTC in addition to making transactions and the blockchain more secure.
Some analysts have speculated that the rising hash rate for BTC is an indication that the price will soon follow. Max Keiser tweeted at the beginning of August that bitcoin’s price has previously correlated with a rising hash rate.
While analysts can debate whether hashing power is a bullish indicator, it nonetheless shows an increased devotion of computing resources to Bitcoin’s network.