As the cryptocurrency’s network hash rate once again topped previous all-time highs, Bitcoin (BTC) has already hit a new record in 2020.
Data from several monitoring resources including Coin Dance and Blockchain confirmed hash rate was higher than ever on the very first day of the new year.
A measure of the computing power devoted to validating the Bitcoin blockchain, hash rate spent much of 2019 in a constant growth cycle. The upward trend level off only for a brief period in Q3.
Bitcoin is a more appealing proposition for miners by virtue of strong hash rate. More mining power translates into better network security and robustness against potential attacks.
The metric hit 119 quintillion hashes per second (h/s) on Jan. 1, according to Blockchain.
The major cause for the variation lies in the fact that it is impossible to measure hash rate in real terms. Resources can only examine recent network activity and from that create an estimate of presumed hash rate.
In September, what seemed to be as an overnight 40% drop in hash rate was consequently attributed to the way it is calculated.
The latest records have further come independent of Bitcoin price action. Last year, BTC/USD fluctuated between $3,100 and $13,800, but the hash rate trend endured.
Commentators, including Max Keiser who is the host of Keiser Report, have also claimed that hash rate highs will ultimately produce new Bitcoin price highs.
The pair traded at just above $7,100 at press time, down around 3% over the three days covering the hash rate record.