The hash rate of Bitcoin (BTC) has finally reached a historic new high: 100 quintillion hashes per second (EH/s). This large number was never before reached in the history of the token, which shows that there are now more miners in the market than ever before.
Possibly the main reason why this is happening right now is that around 600,000 new ASIC miners were installed in June and are being used right now. The hash rate has been growing up like crazy since the event, and the mining difficulty as well.
Another reason for this is that new miners were recently launched and they are fairly more powerful than the ones before them. They will also have an important impact in the growth of the hash rate.
These very powerful miners were made by the popular companies that dominate the market: Bitmain, InnoSilicon, Canaan and a handful of others. As one launches its products, the others are generally quick to follow it and launch their own products as well.
When there are more people mining Bitcoin with better equipment, the difficulty goes up so that a block will be mined around every ten minutes. It is a way of using algorithms to self-regulate the network.
The situation now is the complete opposite of what it was less than a whole year ago. During the so-called crypto winter, people had to turn off their mining machines as BTC mining was simply getting unprofitable. Now, however, it seems that mining is more profitable than ever, so more and more people are investing in this industry.