Bitcoin Hashrate Hits Another Record Peak Amid Anemic Price Action

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Bitcoin Hashrate Hits Another Record Peak – Bitcoin’s hashrate has risen to a new all-time high of 248 EH/s, which means Bitcoin miners are processing 248 quintillion hashes per second.

After reaching a new high, it dropped to around 210 EH/s. The hashrate of a cryptocurrency is usually calculated using the speed of block production and the level of mining difficulty, but there are other methods.

The metric is often used to assess the Bitcoin network’s resiliency because it displays the network’s total computational capacity. The higher the hashrate, the more difficult it is for bad actors to launch a 51 percent attack, which would result in double-spend problems.

Also Read: Indian Parliament Member Clarifies Legal Status of Cryptocurrency

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More miners are joining the network due to the recent spike in hashrate. Hashrate often lowers during severe market corrections as industry members struggle to stay profitable and opt to concede. Take the month of December, for example. Last year, the Bitcoin hashrate plummeted as China prohibited crypto mining, forcing local industry participants to seek refuge in more welcoming nations.

Because mining a Bitcoin block by oneself is nearly hard, miners must join mining pools in order to receive a share of the block reward, which is normally 6.25 BTC. Foundry USA, a mining pool run by a subsidiary of Digital Currency Group, accounts for more than a fifth of all blocks created in the last 24 hours, according to BTC.com data.

Also Read: Bitcoin Outperforms Major Tech Stocks by an Average of 12%

Despite legal ambiguity surrounding energy-intensive proof-of-work mining, the expanding strength of the network suggests that miners are prepared to invest more in infrastructure despite the illusory correlation between the Bitcoin price and the hashrate.

Bitcoin is presently trading at around $42,500 on key spot exchanges, as it struggles to rebound from economic headwinds.

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