Bitcoin Network Computing Power Nears 90 Quintillion Hashes per Second

Bitcoin has seen yet another sharp increase in its computing power after its network hash rate grew 25% in a week.

Data from monitoring resource Blockchain puts Bitcoin's hash rate at 87 quintillion hashes per second as of Sept. 3.Bitcoin network hash rate.

Hash rate refers to the overall computing power involved in processing Bitcoin transactions.

The greater the metric, the more power available, and hence the more secure the Bitcoin network is.

A rising hash rate means that forward-looking miners are investing vast amounts of resources to expand their operations, i.e. betting on Bitcoin's value to increase in the future.

Miners have piled into Bitcoin again in 2019 after last year's hash rate slump, something accompanied by a price bull run beginning April 1.

Now, commentators believe further gains for hash rate and price are on the horizon.

"The race to mine the last 3 million Bitcoin will keep hashrate growing rapidly for the next few years," Blockstream CSO, Samson Mow, wrote on Twitter on Monday.

RT host Max Keiser meanwhile pointed to ongoing political upheaval in the United Kingdom as fuelling the Bitcoin price.

"Bitcoin hash rate continues strong upturn. Price follows hash. Chaos as UK melts down bringing in panic buying from Brits, reportedly," he theorized just before press time on Wednesday.