Bitcoin Hash Rate Hits Record Average High With $12K Price in Sight

Bitcoin Hash Fee Hits Report Common Excessive With $12Ok Value in Sight

As the value of Bitcoin continues to fulfill resistance passing $12,000, its hash charge has hit a brand new all-time excessive.

Information from confirms that on Aug. 15, Bitcoin’s seven-day common hash charge reached a brand new peak of 129.075 TH/s. The achievement comes after two weeks of pretty stagnant hash charge progress, with the earlier report set on July 28.

Bitcoin 7-day common hash charge. Supply: Blockchain

The hash charge is an estimate of how a lot computing energy miners are devoting to processing Bitcoin (BTC) transactions. The next common means that miners have extra religion in profitability, so there’s typically a robust correlation between hashrate and worth.

Bitcoin surged previous $12,000 twice in August earlier than falling again into the identical mid-$11,000 vary. The BTC worth continues to fulfill resistance on the $12,000 degree, staying between $11,700-$11,900 vary over the weekend. 

Gold and Bitcoin correlation 

Bitcoin and gold might show to have a stronger correlation in 2020 as many buyers flip away from conventional finance through the Federal Reserve’s and different central banks’ response to the pandemic. 

The value of gold just lately handed $2,000 per ounce as Bitcoin could also be within the early phases of its personal bull run. Bitcoin investor Max Keiser mentioned that billionaire Warren Buffett’s latest funding in gold might even push the value of BTC to $50,000.