The hash rate of the Bitcoin network reaches a new all-time high of 248.11 EH/s
In only one day, the network hash rate increased by 31.69 per cent — from 188.40 EH/s to 248.11 EH/s — further strengthening the Bitcoin network’s resilience against assaults.
As of Feb. 12, 2022, the Bitcoin (BTC) network has reached a new all-time high hash rate of 248.11M TH/s, further protecting the decentralised ecosystem through a growing network of worldwide BTC miners.
The hash rate is proportional to the amount of computational power needed to confirm a transaction by a miner’s computer equipment. The latest increase in the hash rate of BTC’s network adds another layer of protection against assaults by discouraging bad actors from approving fake transactions.
As seen in the above picture, the network hash rate increased by 31.69 percent in only one day, from 188.40 EH/s to 248.11 EH/s. Additionally, the Bitcoin network’s hash rate increased 54.33 percent in the last year.
Previously, China’s blanket prohibition on cryptocurrency mining and trade raised worries about the Bitcoin network’s security, since the Asian country accounted for 34.25 percent of total Bitcoin mining hash rate until June 2021.
As miners sought safety in other crypto-friendly nations, the Bitcoin network saw a rapid rebound, ultimately exceeding previous all-time highs.
At the moment, miners based in the United States contribute the most to the Bitcoin network’s global hash rate, 35.4 percent.
According to a January Cointelegraph research, industry participants expect that the BTC hash rate will continue to rise. Despite investors’ worry caused by the BTC price roller coaster, industry analysts noted that the Bitcoin network has grown verifiably stronger than at any time in history.
Michael Levitt, co-founder, chairman, and CEO of Core Scientific, told Cointelegraph that he is certain that the BTC global hash rate will continue to expand at a rapid clip. He did note, however, that this expansion is contingent on the price of Bitcoin increasing in the future, as well as the viability of the infrastructure now being constructed.