In his latest tweet, Mr. Wu noticed an interesting discrepancy in the dynamics of the Bitcoin (BTC) price and hashrate. Although the aggregated hashrate of the first cryptocurrency printed a new all-time high above 152.48 exahashes per second, it still has huge room for growth in 2021. Bitcoin hashrate chart At first glance, you may think that the bitcoin mining device is significantly more powerful or more productive. While it’s true that it produces more hashes (of the SHA256 variety), this is because bitcoin hashes are easier to produce computationally. As a consequence, the network difficulty is significantly higher for bitcoin. To make things even more confusing, some cryptocurrencies intentionally chose algorithms that can only be mined using a basic CPU. As a result, mining devices for this network that can produce hundreds of hashes per second are considered to be high and very competitive.

Hash rate is a measure of how many hashes miners cumulatively produce per second on the Bitcoin network. A single hash is an attempt to create a Proof-of-Work for a block, and billions of these attempts are made per second by miners around the world. The hash rate indicates how much money, energy, and computing power is being dedicated to processing transactions and securing the network. Categories Bitcoin Mining = Proof-of-Work