What is Bitcoin hash rate and why does it matter?
Cryptocurrency’s hash rate measures a blockchain network’s processing power to process transactions. How does the hash rate affect Bitcoin price?The main drivers of Bitcoin’s price include computational power, mining profitability and network difficulty. Since miners are compensated in Bitcoin while incurring costs in local currencies, the hash rate follows the price.That said, the more computational power the Bitcoin network employs, the higher its value is. Moreover, rational miners are only willing to mine BTC if it is profitable, which implicitly means that any other cryptocurrency....
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The Bitcoin network’s hash rate level continues to hit record highs in 2022, but how much hash rate is enough… or even too much?
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