Bitcoin Miners Don’t Need China, Hash Rate Hits All-Time High


The Bitcoin community has hit an all-time excessive by way of hash charge which has now surpassed the highs it had when China dominated for mining and hash energy.

On-chain metrics for the Bitcoin community have been bullish regardless of the asset’s 7% dump right now. Hash charges have reached a brand new peak in line with information from Glassnode.

The imply seven-day hash charge for the BTC community has reached 215 EH/s (exahashes per second) in line with the analytics supplier. Senior analyst Dylan LeClair described it as “going nuts” on Feb 18.

BTC Imply Hash Fee: Glassnode/Twitter

Totally different platforms measure hash charges otherwise, however Blockchain.com was confirming the ATH reporting that it was at a peak of 211 EH/s as of Feb. 17.

No want for China

When China clamped down on crypto mining final yr, farms and swimming pools had been closed down throughout the nation leading to a hash charge drop to round 69 EH/s. Since then, it has recovered to high its earlier all-time excessive of 180 EH/s and energy on to a brand new one which means that the community is now even more healthy by way of safety and hash energy distribution than it was when China dominated.  

Now that nearly all of the hash energy has left Chinese language shores, different nations have emerged as scorching locations for Bitcoin mining operations.

It’s not simple to determine the geographical distribution of hash charges since Cambridge College’s mining map has not been up to date since August 2021, and quite a bit has modified since then. It might be truthful to imagine, nonetheless, that america has solidified its place as the worldwide chief in hash energy.

Bitcoin mining problem at all-time excessive

Bitcoin problem has additionally reached a brand new excessive in tandem with the hash charge. In keeping with Blockchain.com, Bitcoin problem has reached its highest ever degree of 27.32 trillion hashes (T). The most recent enhance occurred on Feb. 17 when it climbed from the earlier excessive of 26.69 T.

Mining problem is a measure of how exhausting it’s to verify the following block which implies larger competitors amongst miners. The metric has doubled since July 2021 when it slumped to 13.67 T within the wake of the miner exodus from China.

Though the Bitcoin community is probably the most safe it has ever been, these metrics don’t correlate with the asset’s worth which has fallen 41% since its personal all-time excessive in November.  

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