Bitcoin Hash Rate Reached $12,000 Record Average High
Recently, the price of Bitcoin (BTC) further hits the resistance exceeding $12,000. And now, its hash rate reaches a new all-time high.
According to Blockchain.com’s data on August 15, the seven-day average hash rate of BTC has touched a new peak of 129.075 EH/s. This took place after a couple of weeks of fairly stagnant hash rate growth. The last record was on July 28.
Furthermore, the hash rate is an estimate of the size of the computing power miners are devoting to processing Bitcoin transactions. Also, a higher average indicated that miners have a whole lot of faith in profitability. With that, there is a generally strong correlation among the hash rate and price.
Moving further, Bitcoin and Gold might show that they have a stronger correlation in 2020. At the same time, many investors walked away from traditional financing during the Federal Reserve’s and other central banks’ response to the pandemic.
Then, the price of gold surpassed the $2,000 an ounce price mark. This is while Bitcoin might be in the beginning stages of its bull run. BTC investor Max Keiser stated that billionaire Warren Buffett’s recent investment in gold might even boost the price of Bitcoin to $50,000.
Asian Countries Adopting Blockchain
Meanwhile, the Corona pandemic prompted a lot of Asian countries to adopt blockchain technology. And they do this to secure their data via the Internet against hackers and cyber thieves.
The surge in adoption comes as The Business Research Company explained that they expect the global blockchain market to hit $15.88 billion in 2023.
Senior Manager of PwC Consulting, Tomohiro Maruyama, thinks the large-scale digital transformation caused by COVID-19 resulted in blockchain’s use to protect against fraud. Also, he called on other firms to adopt blockchain for securing their data, business, and meetings through the Internet. Maruyama said that “more companies should adopt blockchain after the pandemic.”
In addition to that, Maruyama still believes that blockchain has moved up to become an ideal solution to fight digital counterfeiting, making companies adopt it.
Then, the CEO of Japanese startup LasTrust, Kenta Akutsu made an announcement. He stated that his company got a lot of inquiries since the coronavirus outbreak. He explained that his firm launched a blockchain service in September named ‘CloudCerts’. This gives digital certificates to universities, academic transcripts, and expected graduation diplomas for college seniors looking for jobs.
BitFlyer Holdings, from its part, revealed a blockchain-based app that lets shareholders hold their meetings and vote securely online. Based on the company, the application avoids plagiarism by connecting to the My Number system in Japan. This enables shareholders to vote securely remotely. The firm also noted that it used the app to hold a meeting of its shareholders last June. It aims to launch the application locally this fall, then spread to Asia.
Other Asian Countries
Other Asian countries have turned blockchain during the pandemic. For Singapore, Agrocorp International has worked with America’s Cargill, Singapore blockchain startup Dltledgers, and some logistics companies to watch disrupted agricultural supply chains in the wake of country lockdowns. As the company stated, blockchain technology shortened the settlement time for commercial transactions from one month to five days.
