bitcoin hash rate numbersBTC) set new highs Sunday night, after breaking the previous high, from mid-2021, according to data from the analysis tool Glassnode.
The hash rate refers to the amount of computing power used by miners dedicated to issuing new bitcoins and verifying new transactions on the bitcoin network. Millions of calculations are solved every second to “discover” new blocks, in a process widely known as Mining.
Higher hash rates mean a stronger and more secure network, making it more difficult for a group of hackers to carry out a 51% attack and gain control of the network.
But maintenance of this intensive machine is expensive and requires high technical knowledge – which historically has led miners to settle in areas within China, where labor is accessible and weather conditions are favorable.
However, the Chinese government is not a fan of cryptocurrency. The crackdown on local miners and miners last year has seen the bitcoin hash rate drop from more than 190 exahs per second in April 2021 to as low as 61 exahs per second in June.
Data at the time estimated that over 46% of Bitcoin’s computing power was supplied by Chinese miners. Since then, the ban has displaced Chinese miners to other regions such as Kazakhstan, Iran and the United States.
But Bitcoin recovered and it didn’t take long for the network to recover: Glassnode data shows that hash rates rose to 201 exahashes on Saturday (1), surpassing April 2021 levels.
Some experts say the recovery shows the network’s resilience after last year’s sudden drop. “The attrition and full recovery from a drop of more than 50% due to a mining ban by the country with the most mining power is a significant milestone in the network’s resilience,” Casa digital wallet founder and Bitcoin developer Jameson Loeb said in a tweet. Sunday night (2).
According to data from Glassnode, Bitcoin hash rate of about 189 exahs per second on Monday morning (3).
Continue after advertisement
Do you want to learn to invest in crypto activities for free, in a practical and smart way? We have prepared a free step-by-step lesson. Click here to watch
“Music fanatic. Professional problem solver. Reader. Award-winning tv ninja.”