CoinCorner reflects on Bitcoin’s 35% hash rate increase this week

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CoinCorner’s co-founder, Danny Scott says: “This last 12 months have been a roller coaster ride for the industry, with Bitcoin fighting off attacks on the network via hard forks, price drops never seen before, and an overwhelming number of ICOs. Despite all this, Bitcoin is still going as strong as ever and its popularity is rising amongst both loyal users and new players.

“Behind the scenes the developers and businesses within the industry continue to develop, innovate and progress the technology forwards. From the outside, an increase this week of 35% in hash rate may seem crazy, but from within, we understand the power and future potential of Bitcoin, which is why we are not surprised to see more companies entering the market, creating additional competition, and as a result, increasing the hash rate as we have seen this week.

“We have not seen anyone come forward to say the extra 35% is their hashing power, so at the minute everybody is left guessing. One rumour we heard about a while back was Samsung entering the market and creating mining chips themselves. Perhaps we’re seeing the result here.”

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