More Hashes than Stars in the Sky: Bitcoin (BTC) Hashrate Hits 52 Quintillion - Global Coin Report
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More Hashes than Stars in the Sky: Bitcoin (BTC) Hashrate Hits 52 Quintillion

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Bitcoin

The hashrate of the Bitcoin (BTC) network has set up a new record a few days ago, by hitting the amazing 52 quintillion hashes per second. As BTC technical support continues to improve and develop, the industry commentators choose to encourage and congratulate Bitcoin on the achievement.

Bitcoin’s new hash record

According to recent data from Blockchain, it would seem that the hashrate of Bitcoin managed to reach as many as 52 quintillion hashes per second. This is the first time in the history of Bitcoin that a crypto has reached such a large number. In fact, the number is so large (52,000,000,000,000,000,000) that it is pretty hard to even imagine it. One Twitter user tried to put it into perspective as he shared this news.

Obviously, this is a huge achievement, and it shows that Bitcoin’s efforts on accelerating and improving the hashrate are not in vain. In fact, the growth of hashrate has even become one of the biggest characteristics of this crypto in 2018. The increase of hashrate only in the last three months has improved significantly, by more than 60%. The last hashrate report came in June, and back then, it was 43 quintillion, so the progress of this aspect of the leading crypto is more than obvious.

How does this affect the sellers?

When hashrate reports came in June, one of the biggest crypto proponents, Max Keiser, who is also a host of Russia Today, stated that he believes that the price is bound to increase due to this technical improvement. According to him, the price will definitely follow the hashrate. It turned out that he was right, and Bitcoin’s price against the US dollar went up by 15% only a few days later.

After the recent price surge due to ETF expectations, Bitcoin once again saw the drop which came as a consequence of the SEC’s decision to postpone the decision making. Because of this, many are wondering whether the new hash report will be enough to start another bull run.

Philippe M. Heilberg, AIG commodity division’s former head of global emerging markets, has started wondering what would the sellers think even if BTC’s price goes up by as little as 10%.

Bitcoin has had a lot of significant ups and downs recently, and many of the increases have been false alarms. Even so, it would seem that the overall faith in Bitcoin being the coin of the future remains strong in many investors and crypto enthusiasts.

Additionally, the ICE, which is a parent company of the New York Stock Exchange, has announced a large BTC-related project recently. The project has got a lot of people excited, especially when ICE announced that it will be collaborating with some major firms like Microsoft and Starbucks.

The project in question is to bring a new crypto platform, Bakkt, which is to go live by November of this year. With all of this going on, a lot of people believe that Bitcoin’s price has already reached its bottom and that it can only go up from here. Obviously, a lot has been going on recently, and it is anyone’s guess what will happen next. If one thing is certain, however, it is that we are still not done with the excitement regarding Bitcoin and that many new developments are waiting in the following months.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Bitcoin

The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold. 

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