The Bitcoin (BTC) network broke a new hash rate record at 248.11 EH/s last Saturday (12/02/2022). This achievement drives the security of the decentralized ecosystem through the growth of a global network of Bitcoin miners.
The hash rate is correlated with the computational power required by the mining computer to confirm major crypto transactions. The recent spike in BTC's hash rate has also added to the security of people trying to make fake transactions.
Data shows Bitcoin's hash rate jumped 31.69 percent, from 188.4 EH/s to 248.11 EH/s in one day. In addition, the Bitcoin network hash rate increased 54.33 percent over the past year.
Previously, China's ban on crypto mining and trading raised concerns about the security of the Bitcoin network. The reason is, miners in the country account for 34.25 percent of the total Bitcoin hash rate until June 2021.
After miners fled China and found new homes in crypto-friendly countries, the Bitcoin network experienced a strong recovery, even surpassing past record highs.
Currently, miners located in the United States account for the highest hash rate globally for the Bitcoin network, at 35.4 percent.
While investors are panicked by Bitcoin's volatile price movement, industry experts highlight that the Bitcoin network continues to get stronger despite the price volatility.
Michael Levitt, co-founder and CEO of Core Scientific, said he expects the coin's global hash rate to continue strengthening at an aggressive pace.
However, this growth depends on the future price of BTC along with the success of the infrastructure being built today.
In response to the increasingly competitive crypto mining industry, Intel has prepared a GPU (Graphics Processing Unit) specifically for mining Bitcoin and SHA-256-based crypto. Intel calls the GPU specifically for mining BTC a “Blockchain Accelerator” with a chip architecture that is claimed to be 1000 times faster and more efficient than regular GPUs.
This is the first time Intel is really serious about getting into the crypto mining industry which has started to bloom in the United States (US), after the ban in China.
Great news!
I think ATHs are going to be back soon!