The Bitcoin (BTC) network has posted a new all-time high of 248.11 million TH/s as of Feb 12, 2022, further securing the decentralized ecosystem through a growing network of global BTC miners.
The hash rate correlates to the computing power required by a miner’s computer equipment to confirm a transaction. The recent increase in the hash rate of the BTC network ensures greater security against attacks by deterring bad actors from confirming fraudulent transactions.
Bitcoin hash rate in the last year. Source: YCharts
As the screenshot above demonstrates, the network hash rate increased by 31.69%, from 188.40 EH/s to 248.11 EH/s, in just one day. Furthermore, the hash rate levels of the Bitcoin network increased by 54.33% over the last year.
Bitcoin hash rate in the last month. Source: YCharts
Previously, China’s blanket ban on cryptocurrency mining and trading raised concerns about the security of the Bitcoin network, with the Asian country contributing 34.25% of the total Bitcoin mining hash rate as of June. of 2021.
With miners finally finding refuge in other crypto-friendly countries, the Bitcoin network saw a strong recovery, finally surpassing previous all-time highs.
Bitcoin mining by country. Source: ccaf.io
Currently, miners residing in the United States are the largest contributors to the global hash rate of the Bitcoin network, at 35.4%.
Related: Bitcoin Miners Believe Global Hash Rate Will Grow “Aggressively”
A recent Cointelegraph analysis from January concluded that industry players believe that the BTC hash rate will continue to grow. Despite the investor panic induced by the BTC price rollercoaster, industry insiders noted that the Bitcoin network has become stronger than ever.
Michael Levitt, co-founder and CEO of Core Scientific, told Cointelegraph that he anticipates the global hash rate of BTC will continue to grow at an aggressive rate. However, he mentioned that this growth depends on the advancement of the price of Bitcoin, along with the success of the infrastructure that is currently being built.
This post Bitcoin Network Hash Rate Explodes to New All-Time High of 248.11 EH/s
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