Bitcoin’s (BTC) Hash Rate Scales Up To Hit New All-Time-High Of 74.5 Million TH/s
- Late yesterday afternoon, BTCs native hashrate value scaled up to its ATH of 65.87 TH/s.
- The only time when Bitcoin’s hashrate actually decreased was during the closing weeks of 2018 — when it stooped to a relative low of 36.55 TH/s .
According to data available on Blockchain.com, BTCs native hash rate has scaled up to its new ATH yesterday. Also, for those of our readers who may recall, the last record to be broken in this regard was established during the latter half of June — a time when the flagship crypto asset’s hashrate reached 65.19 TH/s (only to keep growing since).
So What Exactly Does The Term Hash Rate Mean?
Simply put, hash rate can be thought of as the total number of calculations that a piece of mining hardware can perform on a per second basis. So, essentially the higher the hash rate, the higher the chances of a miner solving a mathematical puzzle that can allow him/her to obtain a certain amount of BTC (as compensation).
Not only that, it should also be pointed out that a higher network hashrate quotient decreases the chances of a 51% attack taking place within a particular crypto ecosystem.
An increase in network hashrate is often directly associated with an increase in overall energy consumption as well.
As things stand, it appears as though 74.1% of all bitcoin mining activities are currently being carried out through the use of renewable energy sources.
Lastly, it is worth pointing out that the only time BTCs network hashrate actually decreased was during September 2018, a time when the market at large was being faced with intense bearish conditions.