Despite the ongoing geopolitical uncertainty and post Covid economic turmoil throughout the world, Bitcoin network continues to grow stronger and robust. Yesterday, Bitcoin network recorded an all time high hashrate of 248.11 TH/s.
Network hashrate refers to the amount of computing power contributed to network by miners. The more the network hashrate is more secure and attack resilient it is.
As per data, Bitcoin network hash rate jumped by 31.69% in a single day, from 188.40 TH/s to 248.11 EH/s. Bitcoin network hash rate took a serious hit last year following China's crypto mining ban, which contributed to 34.25% to total network hash rate, raising serious concern about the network security.
But China's mining blackout turned out to be a blessing in disguise as Bitcoin network hash rate steadily recovered and is more secure than ever, with miners relocating to other mining friendly territories, making network hash rate distribution even more geographically diverse. Currently US is the largest contributor to the Bitcoin global hash rate, 35.4%, with Kazakhstan, Canada and Russia being the other major contributors.
The network hash rate rises as more computation powers gets poured into the network, by new miners or by existing miners switching to more powerful hardware. It is also noteworthy along with increase in network hash rate over the years Bitcoin mining is also becoming more and more energy efficient.
Bitcoin network hash rate is expected to continue growing at an aggressive pace, providing the new mining infrastructure being developed across various crypto friendly countries doesn't face supply chain challenges.
