Zhu Yu, CoinInd: Bitcoin computing power has not exceeded 100, and the surge in computing power does not have a direct impact on the rise in currency prices

According to Blockchain.com data, on September 19, the average hash rate of Bitcoin broke through the 100 EH/s mark for the first time, reaching 102.8 EH/s, setting a new record high. However, Zhu Yu, co-founder of Biyin, said,

The computing power data of Blockchain.com is not the real-time computing power data displayed by each mining pool, but is calculated backwards based on the block production situation of the entire network. Its actual reference value is not great, and the computing power of the entire Bitcoin network has not yet exceeded 100.

As for the reason why the total computing power of Bitcoin network has increased significantly in the past three months, some media speculated that the sharp rise of Bitcoin in June attracted more miners, resulting in the entry of more than 500,000 mining machines. Zhu Yu said that due to the limited number of high-performance mining machines delivered by manufacturers in summer, there are still a large number of low-performance mining machines in this round of listing, so the figure of more than 500,000 may be too conservative, and the actual number of mining machines entering the market this time may be more.

Although he acknowledged that the price of coins directly drives the booming mining market, Zhu Yu emphasized that the price of coins and computing power are one-way pulls and there is no two-way pull relationship. The price of coins directly affects the computing power, but the surge in computing power does not constitute a direct relationship with the price of coins.

He said that the logic behind the surge in computing power being good for Bitcoin is that an increase in computing power means that the Bitcoin network is more secure. However, he also emphasized that the improvement in security is premised on the surge in computing power reaching exponential or multiple levels. If it only increases by 50%, its effect on improving the security of the entire network will be just a drop in the bucket.

As of press time, data from BTC.com shows that the current Bitcoin network computing power is 90.47 EH/s, which has not yet broken through the 100 E mark.