The price of Bitcoin could be on a downtrend, but the Bitcoin network continues to grow stronger. The Bitcoin network hash rate reached a record high of 248.11M TH/s on February 12, 2022.
The rise in this metric could be attributed to the rapid increase in the number of global Bitcoin miners.
Bitcoin network hash rate reaches ATH
The Bitcoin network hash rate is the computing power needed by the mining equipment to confirm one transaction. The rise in this computing power guarantees that the Bitcoin network has higher security, making it less prone to cybersecurity attacks.
The recent leap to an ATH is commendable, as in just a day, this metric spiked by 31.69% to reach 248.11 EH/s from the previous 188.40 EH/s. Over the past year, this metric has increased by 54.33%. At the time of writing, the hash rate had dropped slightly to 209.63EH/s.
The Bitcoin network hash rate was dealt a major blow in mid-2021 after China imposed a ban on Bitcoin mining. Before this ban, China was the largest Bitcoin mining hub, accounting for around 34%of the entire global mining hash rate. The ban led to many miners being offline, but with mining firms relocating to other countries such as the US and Kazakhstan, the mining operations have fully recovered and even surpassed what it was before the China ban.
Bitcoin mining hash rate could continue to grow
As the prices of cryptocurrencies continue to witness increased volatility, some analysts are optimistic that the BTC network will grow stronger. According to experts, the Bitcoin network could continue becoming stronger than ever.
The co-founder and CEO of Core Scientific, Michael Levitt, has stated that the global Bitcoin mining hash rate will exponentially grow over the next year. However, he added that the network’s growth depends on BTC’s price and the success of any infrastructure under development.
Jack Dorsey, Block’s CEO, has been vigilant in his efforts to boost the growth of the BTC network. Dorsey has taken part in initiatives such as building a BTC hardware wallet and improving the adoption of the Bitcoin Lightning network.
While these efforts could continue supporting the growth of the BTC network, there is still debate over the energy used in Bitcoin mining activities. While most miners have said they are transitioning to renewable energy, some regulatory bodies are yet to be convinced. An EU official recently called for a ban on proof-of-work crypto mining.
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