Pomp: Hashrate shows: BTC “everything doesn’t matter”
According to data from the March 5 monitoring website Coin Dance, the bitcoin network’s hashrate could have risen to over 150 quintillion hashes per second (h / s) for the first time.
The hash rate has continued to rise, reaching a record level just a few days ago. On Thursday, 157 trillion h / s were achieved, the best performance in history to date.
The hashrate is important to ensure the security of the Bitcoin network. It also serves as an indicator of profitability for miners who validate the blockchain. In the past few days, Bitcoin has constantly set new records regardless of whether the price has gone up or down.
Despite a 12 percent drop in price last week, the miners were completely unimpressed. This was celebrated in the industry.”This is happening despite a potential pandemic, utter chaos in public markets, and helicopter money distribution in Hong Kong,” Morgan Creek Digital co-founder Anthony Pompliano tweeted after the hashrate reached 136 trillion h / s. It is also known briefly as pomp in the crypto industry.
“Bitcoin doesn’t care. It just does what it’s designed for.”
The hashrate calculations are at best estimates. Strong movements up or down should not be seen as an indicator of miner involvement.