Bitcoin Hashrate Reaching New All-Time High Is “Death Knell” for Bitcoin Cash and Bitcoin SV, Says Max Keiser

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Mon, 09/14/2020 - 06:06
Alex Dovbnya
Max Keiser claims that Bitcoin's rapidly growing hashrate is the “death knell” for its biggest forks
Bitcoin Hashrate Reaching New All-Time High Is “Death Knell” for Bitcoin Cash and Bitcoin SV, Says Max Keiser
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RT host Max Keiser believes that Bitcoin’s skyrocketing hashrate is a bad omen for its two biggest forks — Bitcoin Cash (BCH) and Bitcoin SV (BSV).

“ATH for Bitcoin hashrate is the death knell for BCH & BSV. Rising BTC hashrate also indicates unstoppable avarice for power by the protocol that will eat away at fiat currency’s ability to exist at all.”

Bitcoin’s hashrate hits a new high

Bitcoin’s seven-day average hashrate recently hit a new all-time high of 135 EH/s. It has increased by over eight percent in just one month.  

Total Hash Rate
Image by blockchain.com

This is a key network metric that shows how much computational power per second is required to produce new coins.

The higher the hash rate is, the more resilient the network becomes to potential attacks. Hence, Bitcoin’s forks are vying to eat away at the hashrate of the original coin but to no avail.  

Bitcoin Cash’s hash rate is actually down 11 percent over the past month to 2.3 EH/s, accounting for a minuscule 1.29 percent of the total computational power. BCH holds even less significance with just over 2 EH/s.

Meanwhile, the BCH/BTC pair recently reached yet another all-time low, underscoring the dire state of the biggest Bitcoin fork that once threatened to overthrow the king.     

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Bitcoin’s power consumption is now on par Czech Republic 

Bitcoin’s energy consumption is growing by leaps and bounds, and it is now on par with that of the Czech Republic. 

As reported by U.Today, the top crypto is also responsible for as much e-waste as the whole Luxemburg, with 98 percent of its mining hardware expected to become obsolete

However, Keiser believes that the ends justify the means in this case:

“Bitcoin is reshaping the global economy by stealing the global energy grid.”  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.