Bitcoin Mining Hashrate Hits New Record
The mining hashrate, which measures the total computing power connected to the Bitcoin blockchain, has reached all-time highs in recent weeks. This is significant for the security of the BTC network, as a higher hashrate makes it more difficult for malicious attackers to gain control.
However, for this increased hashrate to enhance security, it must be decentralized. The 7-day average Bitcoin mining hashrate has shown a rapid upward trend, surpassing previous ATH levels.
This surge suggests that miners find the blockchain attractive due to the recent price increase and transaction fee mania. Additionally, the hashrate reflects competition among miners, as block rewards are distributed at a fixed value and rate.
The mining difficulty ensures that rewards are generated at a steady pace and prevents inflation. Despite a recent 7% increase in difficulty, miners have continued to add more hashrate.
BTC Price
Bitcoin’s price has recently dropped to around $42,700.
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