The hash rate of the Bitcoin network reached a new all-time high. Having increased by 400 percent since China banned bitcoin mining last year.
The Bitcoin network hashrate hit a new high, despite the world’s most valuable crypto failing to surpass the $40,000 threshold.
Thursday’s hash rate hit a new high of 258 EH/s before settling at 220 EH/s on Friday and Saturday.
The recent increase in the Bitcoin network’s hash rate shows an increase in miners. From below 70 EH/s to over 400 EH/s when the Chinese authorities prohibited bitcoin mining last year.
By the end of last year, the Bitcoin network recovered from a major dip in hash rate. And it continued to expand in 2022 and beyond.
Hash Rate Rebounded
Five months after the start of the greatest Bitcoin migration ever, the network’s fundamentals have improved significantly. As miners relocated and re-started operations, hash rate and network difficulty recovered rapidly, and are currently nearing a tipping point. The hash rate, which has more than doubled since its low point months ago, appears to be responsible for the entire China mess.
The Bitcoin network also experienced a surge in mining difficulty, which reached new historic highs of 29.70 trillion. The mining difficulty has been changed to maintain the current block generation time of 10 minutes. An increase in mining difficulty indicates that more miners are vying against one another to mine the next block. This means the mining difficulty is increasing.
By data from BTC.com, the difficulty of Bitcoin mining increased by 5 percent on April 27. Since then, there have been three positive re-adjustments and two negative re-adjustments in 2022. This month’s difficulty adjustment sets to take place on May 10.
Bitcoin Network Survived Regulatory Crackdowns
The Bitcoin network has withstood the test of time as well as numerous regulatory crackdowns. Additionally, the increase in mining difficulty and network hash rate coincides with a big push for Bitcoin’s transition away from its present proof-of-work mining consensus, which is now on the network’s hash rate.
According to the organization, Greenpeace, in collaboration with other climate organizations and Chris Larsen, co-founder and executive chairman of Ripple (XRP), has started a new campaign targeted at converting Bitcoin to a more ecologically friendly consensus mechanism. On the other hand, Core Bitcoin supporters continue to push for the present mining system, which they believe provides true decentralization.
Bitcoin’s energy consumption has been a contentious topic and has frequently been used to promote false narratives such as “BTC will consume all of the world’s energy by 2022,” which is untrue. Clean mining has become a priority for various mining businesses as Bitcoin has gained public acceptance.
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