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Bitcoin Hash Rate Hits A New All-Time High
New All-Time High For Bitcoin Hash Rate
The Bitcoin (BTC) network has hit a new hash rate all-time high of 248.11M TH/s as of Feb 12, 2022. This sudden jump in hash rate further secures Bitcoin’s decentralised ecosystem since BTC miners are increasing globally.
What Is The Hash Rate?
The hash rate refers to the computing power a miner’s equipment needs to confirm a transaction. Learn all about Hash Rate. The recent climax in BTC’s hash rate ensures further security against attacks by hackers and attackers from confirming fraudulent and false transactions. The network hash went from 188.40 EH/s to 248.11 EH/s in just one day. It’s also worth mentioning the Bitcoin network’s hash rate levels rose 54.33% over the past year.
China Bans Crypto!
Previously, China’s blanket ban on crypto mining and trading raised concerns about the security of the Bitcoin network. Before the ban, China contributed 34.25% of the total Bitcoin mining hash rate until June 2021. Miners eventually found refuge in other crypto-friendly countries, and it made the Bitcoin network see a sharp recovery, finally surpassing the previous all-time highs. At the time of writing, the miners residing in the United States contribute the highest in terms of the global hash rate of the Bitcoin network: 35.4%.
Will BTC’s Hash Rate Grow?
A Cointelegraph analysis from January concluded that the industry players believe that despite the investors’ panic induced by the BTC price roller-coaster, the BTC hash rate will continue to grow. Industry experts also pointed out that the Bitcoin network is becoming verifiably stronger than ever before.
Michael Levitt on Bitcoin’s Future Growth
Michael Levitt, co-founder chairman and CEO of Core Scientific, specified that he “fully anticipates for the BTC global hash rate to continue growing at an aggressive pace.” He also mentioned that “this growth is dependent on the price of Bitcoin moving forward, along with the success of the infrastructure currently being built.”
Why Is Bitcoin The Real Deal?
Bitcoin is a peer-to-peer blockchain that operates with no central authority or banks. The network is responsible for managing transactions and issuing Bitcoins instead of third parties. Bitcoin is open-source, meaning that its design is public, and everyone can check the network codes. Nobody owns or controls Bitcoin, and everyone can participate in the blockchain. Bitcoin has the first rank within all cryptocurrencies in market capitalisation, with more than $806 billion value!
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