Bitcoin Hash Rates Eyes 100 Quintillion Milestone

Michael LaVere
  • Bitcoin's network has topped 94 quintillion hashes per second
  • Network hash rate continues to grow, with some analysts predicting the price will follow. 

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. 

Peter Schiff: ‘I Just Lost All the #Bitcoin I Have Ever Owned’

Siamak Masnavi

On Sunday (January 19), famous gold bug and Bitcoin critic Peter Schiff claimed that he had lost access to all of his Bitcoin holdings.

On 4 July 2019, Schiff, who is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold, a full-service, discount precious metals dealer, and a man who is extremely bullish on gold, bearish on the U.S. dollar, and highly skeptical about Bitcoin, admitted to owning Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH), and said that he was going to HODL his bitcoin no matter what happens to the Bitcoin price.

Earlier today, Schiff took to Twitter to express his anger with Bitcoin after allegedly losing access to the crypto wallet that holds his bitcoin:

Although Schiff thinks that the wallet he was using has "somehow" gotten "corrupted" and that is why his password -- which he is sure of remembering correctly -- is being rejected, not everyone in the crypto community is convinced that is right.

One of those who believes that Schiff has simply forgotten his password is Anthony Pompliano (aka "Pomp"), Co-founder and Partner at Morgan Creek Digital:

After Schiff denied forgetting his password, Pomp, offered to help Schiff recover his bitcoin:

Interestingly, Schiff then claimed that the unfortunate situation with his wallet has not occurred because he incorrectly set up the wallet, and that it was in fact Eric Voorhees, Founder and CEO of ShapeShift, who set it up:

Carlos Acevedo, Director of Sales at Brave, then told Schiff that Bitcoin was not to blame and that if Schiff had used a cold wallet (such as a hardware wallet made by Ledger) or made a note of the recovery phrase, then this situation could have been prevented:

Schiff says that he did not change to a more secure wallet because he wanted all those people who had sent him bitcoin last year to be able to "easily monitor their value".

Although quite a few people are now blaming Voorhees for not making saving the private keys for the wallet he allegedly set up for Schiff, overall, there is not much sympathy for the man who has constantly been attacking Bitcoin over the past few years.

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