Recently the Bitcoin network hash rate increased by 31.69% from 188.40 EH/s to 248.11 EH /s – in a day, ensuring greater resistance to attacks on the Bitcoin network.
The Bitcoin (BTC) network, until 12 February 2022, recorded an all-time high hash rate of 248.11M TH/s, further securing decentralised residences through a growing network of global BTC miners.
The hash rate is related to the computing power required to ensure the transaction confirmation for the miner’s computing devices. The recent increase in BTC’s network hash rates has further enhanced security against attacks by preventing bad actors from engaging in confirming fraudulent transactions.
Furthermore, the network hash rate increased by 31.69% – from 188.40 EH/s to 248.11 EH/s – in just one day. In addition, the hashtag levels of the Bitcoin network increased by 54.33% last year.
Previously, Asian countries contributed 34.25% of the total bitcoin mining hash rate until June 2021, so China’s blanket ban on crypto mining and trade has led to concerns about the security of the bitcoin network.
As the miners took refuge in other crypto-friendly countries, the Bitcoin network saw a sharp recovery recently – and now finally surpassing all-time highs.
Currently, as of now, miners living in the United States provide the highest contribution of 35.4% in terms of the Bitcoin network’s global hash rate.
Recent analysis from January confirms that industry players are confident that the BTC hash rate will continue to rise. Although industry experts have created panic due to the BTC price fluctuations amongst investors, the Bitcoin network has become stronger than ever.
The co-founder, chairman and CEO of CoreScientific, Mike Levitt, said that he was looking forward to the aggressive rise of BTC’s global hash rates. However, he added that this growth will depend on the success of the infrastructure currently under construction and also the current bitcoin price.
