Bitcoin’s hash rate has continued its recent climb, riding the waves to new highs. As it continues to grow in its other areas, the digital asset has not been in decline since the crash. Bitcoin saw a dramatic increase in its hashrate over the weekend to 248.11TH/s within 24 hours.
New high for Bitcoin hash rate
The bitcoin hashrate reached a record high between February 11th and 12th. Since its inception, miners have supported the network and have increased their support. Mining not only makes money for miners, through transaction fees and block rewards, but also helps to protect the network. This is why this recent surge in support is so important.
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For the most part, the hash rate has remained steady at the same level throughout the month. It fluctuated between 200 and 300 TH/s. Blockchain.com reports that the hashrate jumped 31% over the course of one day on Saturday. It’s one of the biggest growths on the blockchain recently.
Within a short period of time, 54% hashrate growth has occurred. This growth is due to the China crackdown mining, which saw the haveh rate in the area drop to nearly zero. This has seen the digital asset rebound and rise to new heights.
The hash rate continues to rise as more computing power is available from miners. This is also helping to improve the Bitcoin network. It’s a win-win situation for all asset owners.
What is the reason for Hashrate rising?
A rise in hash rates can be attributed the increasing number of miners who are entering the market. Bitcoin mining is no longer done on graphics-card computers. Nowadays there are farms that house thousands of miners connected in order to increase their chances of successfully mining a particular block. The industry is now a multibillion-dollar business.
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Small-time miners, on the other hand, are increasing their activity. These small-time miners, even though their profits are not as high, have found refuge in mining pools, where their hash rates can be pooled together to increase their chances of finding blocks.
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This worked for some miners, who were able to extract full blocks and received the entire reward despite having a low hash rate. This is a good thing for small-scale miners, but it doesn’t mean that the true value comes from big players.
It is expected that bitcoin’s hash rate will continue to rise as more players move into the mining industry. This has made it a safe haven for those who are looking to invest in Bitcoin-adjacent businesses. Russia is currently the country with the highest haveh rate, surpassing China and the United States.
Featured Image from CoinDesk. Chart from TradingView.com