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Bitcoin hashrate takes a leap to create new all time record



Bitcoin hashrate takes a leap to create new all time record
Source: Unsplash

On July 7, Bitcoin’s hash rate hit a record high when it was calculated to be a whopping 74.5 million TH/s. This peak was achieved because the hashrate was on a climb ever since Bitcoin’s latest price hike. The last time Bitcoin’s hash rate broke its ATH, the figure clocked in at 68.63 million TH/s on June 29. The increase in the price movement was also a cause for the rise in the hash rate.

At press time, Bitcoin was trading for $11,451 with a total transaction volume of $21.098 billion. The rise in hash rate also coincided with the market cap breaching the $200 billion mark again while exchanges like CoinBene and OEX continued to dominate the Bitcoin trading volume.

It was not just the hash rate that had taken a positive turn but it was also followed with an increase in mining revenue. Analysis had shown that the Bitcoin mining revenue was a significant $25.96 million recorded on July 6. There were earlier reports that had stated that miners will increase their equipment purchases in order to keep up the increasing momentum. Diar had said:

“With gross margins now having a little more breathing room, it is likely that mining operations will increase capital expenditure on the latest mining equipment in order to stay ahead.”

While Bitcoin’s attributes have been on a climb for the past couple of weeks, its fork Bitcoin Cash was struggling. Bitcoin Cash had the least recorded transactions over a 24 period on July 6 while Bitcoin dominated with 378,264 transactions.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.