BTC Hash Rate hits another all time high (and other cool things)
Bitcoin's Hash Rate continues to make new highs
As I type, the hash rate is now just under 90 Quintillion Hashes Per Second.
That would be yet another all time high:
(Source: https://twitter.com/ChartsBtc)
Cool, but what does that mean?
That means that the amount of computing resources dedicated to “hashing” verified transactions is at an all-time high.
When bitcoins are mined, transactions have to be verified, or “hashed”, before they’re added to the blockchain. The hash rate is simply the number of hashes the bitcoin network is performing per second.
Interestingly enough, some have theorized that the hash rate precedes price:
I am not entirely sure I go along with that line of thinking (in fact I think hash rate more likely follows price), but if that is the case the increasing hash rate could be hinting at miners expecting higher prices in the near future.
Whatever your thoughts on that, take a look at this chart...
(Source: https://twitter.com/inmortalcrypto/status/1168215051385430016)
And make your own conclusions. :)
Stay informed my friends.
-Doc
BTC is currently at 10 510 UDS, will it be a new peak in December?
As we experienced it 2 years ago, hope we see Steem there too
Steem is an entirely different animal. Steem may need to do a lot of the heavy lifting on its own in terms of building things people want to use. I don't think it will get pulled up with bitcoin until bitcoin makes new highs and then consolidates. We may have to be pretty patient with steem.
Yes, we have to be patient
Steemit / Steem is only 3 years old
And there are still many big accounts that are still running the powerdown and slightly affect the price
I could see it making new highs by then yes. Overall, 2020 should be when we see the biggest price gains though. If history repeats, prices would peak in 2021. I think we make new highs long before that though, possibly before the end of this year. Personally I think we get new highs no later than the next halving, May of 2020.
I like your predictions @jrcornel
It would be interesting to see BTC worth $1,000,000 one day.
In order to get their I think it will take more than being a store of value and a crypto on-ramp.
For it to reach that number, probably needs to be more, though not impossible.
The entire gold market is worth roughly $8 trillion currently, which is mostly a store of value market. At $1 million, bitcoin would be worth $21 trillion (when all coins are fully mined), quite a bit higher than the gold store of value market.
Though, perhaps money from other stores of value, like real estate and collectibles would also venture in...
I wouldn't say it's impossible that bitcoin achieve that valuation while mostly "only" being a store of value, but I agree that it may be difficult.
I am just hoping thay the miners are selling their stacks now which is why hash rate is up as more are mining and competing for blocks. This should help them reduce the supply and distribute bitcoin more broadly.
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Yep, that would be nice. My guess is the ones that are in the profit are mining as much as possible while it is profitable.
No dictionary I have recognize Quintilian as a numeral...
*Quintillion
https://www.merriam-webster.com/dictionary/quintillion
That's what I presumed you actually meant...
Darn spell check... said Quintillion was wrong (still does) and says Quintilian is right
Quintilian is old name... Quintillion as a numeral is rarely used, so most spell checkers might not have it in dictionary.
That makes sense. If inflation keeps up, they will soon enough ;)
Also, they didn't use to have "bitcoin" in there until about late 2017 or early 2018, now they do.
I'm pretty sure they add commonly used words they collect from certain sources... I haven't worked with spell checking dictionaries in ages, I usually work with translations only.
You talk about working with other developers from time to time, is there anything you can build for steem that you think might be beneficial?