According to Ycharts data of bitcoin its hashrate increased by approximately 30% in one day, rising from 188 EH/s to 248 EH/s, reaching an all-time high.
“The Bitcoin Network Is More Powerful Than Ever”
As it is known, the higher the hash rate in the Bitcoin network, the stronger the network’s defense against attacks.
The hash rate represents the total computing power the BTC network has. The increase in this ratio is generally considered as a development in favor of the bull.
Bitcoin and the events in China last year cryptocurrency After the mining bans, the BTC network suffered a great loss and the hash rate also showed a sudden decrease.
This decrease was also reflected in the Bitcoin price at that time. Miners who migrated out of China after the bans rebuilt their facilities, especially in countries such as the USA and Kazakhstan, and brought the hash rate back to its old days.
Currently, the world’s largest mining center is known as the USA, where 35% of all BTC mining takes place.
In the second place is Kazakhstan with a share of approximately 18%, while Russia is in the third place with a share of approximately 11%.
According to Cambridge Alternative Finance Center data, Turkey is far behind the world list with 0.06% of the hash rate.
China, which was once the stronghold of BTC mining, is currently not hosting any mining activities, according to official data.
With the latest developments, we can say that the BTC network has gone through its strongest period ever, with the hash rate reaching levels that it has never been before on a global scale.
*Not investment advice.