Bitcoin (BTC), which has a hash rate of 248.11M TH/s, has reached a record high as of February 12, 2022. This further secures the decentralized ecosystem via a growing network global BTC miners.
The hash rate refers to the computing power that a miner needs to confirm a transaction. BTC’s recent spike in network hash rate helps to protect against attacks and deter bad actors from verifying fraudulent transactions.
The Bitcoin hash rate in the last year. Source: YCharts
The above screenshot shows that the network’s hash rate increased by 31.69% in one day — from 188.40 EH/s down to 248.11 EH/s. The Bitcoin network’s hash rates have increased 54.33% in the last year.
The Bitcoin hash rate for the last month. Source: YCharts
China’s ban on crypto trading and mining caused concern about the security of Bitcoin networks. The Asian country contributed 34.25% to the total Bitcoin mining hashrate up to June 2021.
The Bitcoin network experienced a sharp recovery, with miners finding refuge in crypto-friendly countries. This helped it surpass its previous record highs.
Bitcoin mining by country. Source: ccaf.io
The global hash rate for the Bitcoin network is 35.4%, which is the highest contribution currently made by miners living in the United States.
Related: Bitcoin miners believe the global hash rate will grow aggressively
Cointelegraph’s January analysis concluded that industry players expect the BTC hashrate to continue growing. Despite investors’ panic caused by the BTC price rollercoaster, experts in the industry pointed out that Bitcoin has been stronger than ever.
Core Scientific’s co-founder and CEO, Michael Levitt, stated to Cointelegraph that he expects the BTC global haveh rate growth to continue at an aggressive pace. He did however mention that the future price of Bitcoin and the success of the infrastructure are key factors in this growth.