According to statistics from BTC.com, the hashrate of Bitcoin (BTC) has just reached a record high of 440.71 exahashes per second (EH/s). The fact that it is currently getting close to half a terahash demonstrates the resiliency and strength of cryptocurrencies.
This remarkable increase from 272 EH/s at the start of the year is a crucial sign of rising processing power supporting the Bitcoin network and safeguarding the blockchain’s backbone.
Crypto influencer Quinten François tweeted his surprise at the rapidly increasing hashrate and conjectured that large actors or even entire countries would be establishing up mining operations covertly.
The mining difficulty of Bitcoin also rose to new heights alongside the rising hashrate, setting a record high last month. This accomplishment demonstrates the network’s remarkable capacity to withstand significant swings and come out stronger.
The hashrate is a key metric for evaluating the state of the Bitcoin network since it shows how much computing power is being used to mine and process transactions.
A more secure network results from increasing miner participation, which is shown by a higher hashrate.
It is important to note that over time, the Bitcoin price frequently reflects the rhythm of the hashrate. The two variables are not always fully synchronised, though, since changes in the market and outside factors might have an impact on the price without affecting the hashrate.
Nevertheless, the network is drawing more investors and major players as evidenced by the skyrocketing hashrate.
