Bitcoin’s hash rate is close to reaching a record three figures.

According to data from statistics and wallet provider, Blockchain on Monday, Bitcoin’s hash rate surpassed 94 quintillion hashes per second.

This amount is set to exceed 100 quintillion for the first time in the history of Bitcoin.

Coin Telegraph stated: “The hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. A higher hash rate means greater competition among miners to validate new blocks; it also increases the amount of resources needed for performing a 51% attack, making the network more secure.”

Bitcoin’s hash rate was in recession for six months during the second half of last year, before making a comeback in January 2019. 

Three months later, the price of the world’s largest currency by market capitalisation increased from $3,500 to local highs of $13,800. 

According to RT host Max Keiser, price usually follows hash rate in a bull run. Now he adds that it is fiat currency that will feel the strain due to the success of Bitcoin.

He wrote on Twitter over the weekend: “#Bitcoin hash set to break 100 Q. This will start to become a problem for fiat as data centers dedicated to maintaining fiat systems are pulled into the BTC black hole of true value.”

In addition, Lightning Torch relay organizer Hodlonaut said on Twitter that in September 2017 the metric measured just 6 quintillion: “Today, hash rate increases with that same amount every 2-3 weeks,” he added.