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Bitcoin has hit a new record, this time in its hashrate. According to Maartunn, a community analyst at CryptoQuant, Bitcoin's true hashrate has hit 929 exahashes per second (EH/s), a new all-time high.
Hashrate refers to the amount of processing and computing power given to the Bitcoin network through mining. The surge in true hash rate remains significant as this metric is a crucial indicator of a blockchain network’s strength, specifically its security.
According to CoinMarketCap data, 19,913,231 BTC have been mined, accounting for its total supply.
Bitcoin's pseudonymous founder, Satoshi Nakamoto, fixed Bitcoin's supply at 21 million coins; with the current 19,913,231 BTC circulating supply, this leaves about 1,086,769 BTC left to be mined.
Bitcoin price
Around press time, BTC was trading near $110,000, down 2.13% in the last 24 hours to $110,640 as the broader crypto market largely traded in red as investors await July’s personal consumption expenditures price index, the Fed's preferred inflation gauge.
Crypto liquidations have reached $448 million in the last 24 hours, according to CoinGlass data, with longs accounting for the majority of this figure.
Bitcoin has fluctuated in a range between $108,670 and $113,480 since Aug. 26, with the market expecting its next move.
Bitcoin's key support range lies at $107,000 to $108,900. In the event of a rise, a bounce to $113,600 may face selling from stressed holders, while deeper losses could target the support range of $93,000 to $95,000.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team