Bitcoin hashrate hits new all-time high

What

Despite relatively quiet markets, Bitcoin’s hashrate reaches an all-time high

Why

Bitcoin’s hashrate made it’s biggest jump of the year, from 188.40 exahashes per second (EH/s) to 248.11 EH/s

What next

While the hashrate hasn’t been sustained, Bitcoin’s network is as secure as it has ever been

The story

Bitcoin’s hashrate recorded its biggest jump of the year, soaring it to a new all-time high of 248.11 exahashes per second (EH/s) from from 188.40 EH/s.

The hashrate refers to the total combined computational power allocated by a network of computers called miners which process transactions and add blocks to the blockchain. When there is a high hashrate, the network is more secure.

China, once responsible for the vast majority of the global hashrate, initiated a crypto mining exodus in May last year before banning all crypto activity by September. As a result, the hashrate plummeted, but has since risen by 54% over the past year.

Data from BTC.com suggests Bitcoin mining difficulty is expected to increase by a further 3.2% later this week when the value’s next readjustment happens. 

To find out more about Bitcoin mining, check out our education portal here.