The hash rate of the bitcoin network has doubled in just 24 hours in spite of the crypto's drop, which has lost $500 over the last 24 hours.
As Ihodl Spain has recently reported, the largest cryptocurrency by market cap is currently struggling to stay above the $8,000 mark after falling below this level yesterday in the afternoon and recovering shortly afterwards.
However, despite this sharp drop, the hash rate of the bitcoin network is experiencing a significant increase. According to data provided by monitoring resource Coin Dance, the hash rate of the network jumped to 114 quintillion on September 24, very close to its 121 quintillion all-time high reached just 10 days before.
However, the most surprising fact is that BTC's hash rate has doubled (from 57 quintillion) right when the crypto's price is suffering a major collapse.
The hash rate is the number of calculations per second a software can perform. This is a very important indicator for crypto miners, since the higher the hash rate is, the more chances they have to solve a problem before their competitors and thus take the corresponding reward.
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