From bitcoin (BTC) hash rate made a remarkable leap yesterday. In 24 hours, the hash rate, also known as computing power, increased by 31%. This is evident from data from Ycharts.
Bitcoin Computing Power Continues to Rise Steadily
Ycharts chart shows a sudden spike yesterday. The computing power of the Bitcoin network has been rising for some time, but yesterday’s jump is a lot faster than the already existing uptrend.
With this, the Bitcoin hash rate reaches a new all-time high (ATH) of 248.11 million terahashes per second (TH/s). The hash rate is the speed at which bitcoin miners generate hash codes. The greater this speed, the more secure the network is.
Some caveats bitcoin hash rate
Although it is of course good news that the computing power of the network has never been as great as it is now, there are some caveats to the above data. The computing power is not a given that can be clearly monitored. The computing power that can be seen on various websites is therefore usually an estimate.
So is on Blockchain.com for instance not yet seen that a new ATH has been reached. Regardless, these are positive signs that the Bitcoin network appears to be continuing its growth from the past few months.
Bitcoin fully recovers from China blow
The chart above shows how the May 9, 2021 hash rate started to decline. This was the result of the mining ban imposed by China at the time. This ultimately caused the network to take quite a beating with a low of 58.46 million TH/s on June 27, 2021.
It was mainly the American miners who filled the vacuum. Computing power recovered and was able to reach pre-mining levels in China early this year. In the US, however, the mining sector can count on quite a bit of criticism regarding its energy consumption. Recently, a major US miner fired back with an interesting report.
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