Analysis

Bitcoin hash rate hits new all-time high of 248.11 EH/s

The Bitcoin network posted a new hashrate of 248.11 million TH/s to an all-time high on February 12, 2022, further securing a decentralized ecosystem through an ever-evolving global network of BTC miners.

Hashrate correlates to the computing power required by a miner’s computing device to confirm a transaction. The recent surge in the BTC network hashrate adds further security, thereby preventing attacks by preventing malicious actors from validating fraudulent transactions.

BTC hashrate last year | Source: YCharts

Looking at the chart above, the network hashrate increased by 31.69% from 188.40 EH/s to 248.11 EH/s in just one day. In addition, the hash rate of the BTC network has increased by 54.33% over the past year.

Bitcoin hashrate last month | Source: YCharts

In the past, China’s ban on cryptocurrency mining and trading has raised concerns about the security of the Bitcoin network, as the Asian country contributes up to 34.25% of the total Bitcoin mining hashrate so far statistical.

As miners eventually found refuge in other crypto-friendly countries, the BTC network rallied strongly, surpassing its previous all-time high.

The development process of the countries BTC mining industry | Source: ccaf.io

Currently, miners operating in the United States contribute the most to the global BTC network hashrate (35.4%).

A January analysis concluded that industry players believe BTC hashrate will continue to rise. Despite the panic among investors caused by the price slide, experts have pointed out that the Bitcoin network is growing stronger than ever.

Michael Levitt, co-founder and CEO of Core Scientific, predicts that BTC’s global hashrate will continue to rise positively. However, he noted that this growth depends on the future price of Bitcoin as well as the success of the infrastructure currently under construction.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.