Bitcoin Moves Towards $12,000 As Hash Rate Hits A New Record High

BTC’s seven-day average hash rate has hit a new high of 129.075 TH/s while breaking the previous all-time high of 126.91 on July 29.

This new high in the hash rate has impacted the Bitcoin (BTC) price as it has splurged by 65% year-to-date, accounting to USD 12,000. Only in August, the price level has touched $12,000 twice, though it didn’t maintain its support there. Bitcoin was currently sustaining between the range of USD 11,700,-11,900, and now it is facing resistance at USD 12,000.

In general, BTC’ hash rate is counted by the computing capacity needed to add and mine new blocks in the existing blockchain network. Some also represent it as the computing capacity utilized by miners while processing BTC transactions. That means the BTC hash rate is directly proportional to the miner’s capacity, i.e., the higher the miner activity, the higher the hash rate while getting more profits from them.

So, what is the reason behind this new record-high in the BTC hash rate?

The long-term purchase agreement of America’s Nasdaq-listed crypto mining company, Marathon Patent Group Inc, with Chinese mining manufacturer Bitmains, is being held responsible for this splurge in BTC’s new record-high. According to this USD 23 million agreement, the American company will buy Bitmain’s next-generation Antminer S-19 Pro miners. Currently, China controls over half of the BTC mining power that makes it home to the largest BTC miners in the world. Merrick Okamoto, Chief Executive Officer of Marathon Patent Group Inc., has expressed great pleasure while cracking a deal of purchasing approximately 13,520 next-generation miners from China that will make them at least 1.55 Exahash once fully installed.

By Bruce France

Bruce France joins the as a full time news writer. His writing skill is very sharp; additionally, he is an avid trader. In his free time, you can find him exploring new strategies for trading.

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