Bitcoin network has reached yet another hashrate record, reaffirming the trend for exponential growth.
According to Blockchain (formerly Blockchain.info), the Bitcoin network capacity has reached 52 quintillion (52,000,000,000,000,000,000) hashes per second this week, thus breraking the previous record.
The number itself is quite impressive. For instance, our planet contains there are around 7 quintillion grains of sand and 326 quintillion gallons of water.
The new record confirms the exponential nature of the Bitcoin network’s growth, with the past three months alone seeing a 60% hashrate increase. For comparison, a month and a half ago the figure was “just” 43 quintillion.
Back then, crypto expert and analyst Max Keiser came up with a prediction that bitcoin price “follows hashrate”. The price jumped by 15% in a matter of days indeed.
Former head of global emerging markets at insurance giant AIG’s commodity division Philippe M. Heilberg wrote on Twitter about the Bitcoin hash rate August 6:
Hashrate growth for #BTC for last 3 months is 60 percent. Even assuming a 10 percent growth rate, it makes you wonder what sellers are thinking. Must be close to the bottom for #crypto especially #Bitcoin and #litecoin
— Blockchain PMH (@BlockchainPmh) August 4, 2018
Despite a small-scale correction over the past week, faith in Bitcoin’s short-term future remains strong against the background of the news about New York Stock Exchange owner ICE building a platform for digital asset trading.