Bitcoin (BTC [https://cointelegraph.com/bitcoin-price-index]) has already
dispelled myths its hash rate suffered a 40% drop this week, reaching new
all-time highs just days afterwards.
What hash crash?
As data from monitoring resourceCoin Dance
[https://coin.dance/blocks/hashrate/linear]confirms, after the hash rate metric
dipped from 104 quintillion hashes per second (h/s) to 57 on Sept. 23, it
On Sept. 24, it doubled, reaching 114 quintillion h/s, just a touch away from
the all-time highs of 121 quintillion h/s seen ten days previously.
Bitcoin network hash rate. Source: Blockchain.com
Commentators initially appeared scared when hash rate dropped. Long considered a
measure of commitment to theBitcoin mining
[https://cointelegraph.com/tags/bitcoin-mining]process, what appeared to be a
sudden exodus of computing power sparked alarm.
That feeling was compounded as BTC/USD itselfshed 15%
[https://cointelegraph.com/news/bitcoins-price-flash-crashes-down-1-000-in-24-hours-could-7-500-be-next] a day later ? a common theory among commentators is that price actionfollows
[https://cointelegraph.com/news/max-keiser-new-bitcoin-network-hash-rate-high-suggests-price-is-next] hash rate movements.
Dispelling the myths on Bitcoin health
Nonetheless, technical sources subsequently explained that the hash rate charts
available online in factgive little idea
[https://cointelegraph.com/news/clues-to-explain-yesterdays-bitcoin-hash-rate-flash-crash] of computing power involved in Bitcoin. Hash rate, they explained, is
essentially unmeasurable, and the statistics are simply an estimate.
Factors such as slow block times can disproportionately affect results, leading
to overly ominous results such as this week?s fake crash, they added.
If the latest statistics are reliable, however, Bitcoin?s hash rate remains on
its upward trajectory, around all-time highs. This contrasts with its drop in
price: at press time Friday, BTC/USD wasdown 21%
[https://cointelegraph.com/news/bitcoin-price-fails-to-hold-recovery-signs-to-drop-below-79k] versus seven days ago.