‘Struggling’ Bitcoin sets a new all-time hashrate record, breaking the 150 TH/s plateau for the first time

Bitcoin’s price decreased by $2,000 in the past few days, yet the network’s hashrate has set a new all-time high, breaking the 150 TH/s plateau for the first time in its history.

Hashrate is a key indicator when determining the health of the Bitcoin ( BTC) network. It represents the amount of global hashpower dedicated to mining the coin, and can also be interpreted as the amount of energy that protects the network from potential 51% attacks.

Miners are some of the most important players in the Bitcoin ecosystem, and their continued allocation of resources despite the recent gyrations in price may be a positive long-term indicator. Though it should be noted that when it comes to industrial mining, business planning involves medium to long-term time horizons and typically does not get impacted by short-term price volatility.

The overall economic uncertainty may be another factor that is forcing more companies and individuals to allocate resources to Bitcoin mining; an activity that is often viewed as a hedge against traditional markets.

Originally published at https://cointelegraph.com on September 8, 2020.