There is no point in a scarce money that isn’t secure. The role Miners play is not only to ‘issue’ new bitcoin, they also secure the network and that security can also be measured in an objective way, which is crucial – it is known as Hash Rate.
Hash Rate is the estimated computing power committed to mining over a 24hr period.
Given that Bitcoin works on incentive, the energy a miner expends must be less than or equal to the reward for the work/energy contributed – converted at fiat market rate – or they wouldn’t participate.
We can also agree that in order to break bitcoin, and introduce incorrect transactions into blocks, you’d need to control at least 51% of that mining power.
So the higher Hash Rate goes, the harder Bitcoin is to corrupt and therefore, the more secure it is. Blockchain.com shows the increase in Rate over time. To illustrate the importance of security to Bitcoin’s health, Hash Rate has been shown to be closely correlated with price.
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