The Bitcoin hash rate has climbed to its highest level since late October 2018 as the BTC spot price looks to break $5,800.
Bitcoin Hash Rate Reaches 4th-Highest-Ever Level
Data from Blockchain.com currently shows the Bitcoin hash rate – the computing power responsible for securing the network, at above 58 quintillion hashes per second (58 million tera hashes per second – TH/s).
This figure represents the highest hash seen since late October 2018 and the fourth highest ever hash rate recorded on the Bitcoin network.
The increase in hash rate points to more mining nodes being active on the network. With more mining nodes, comes greater security for the Bitcoin network making it more difficult for attack vectors to succeed in compromising the fidelity of the blockchain.
Since the start of the year, the Bitcoin network hash rate has consistently increased over a 7-day average period. Back in December 2018, the hash rate plummeted by about 45 percent following the mass shutdown of mining nodes after the almost 50 percent…