Bitcoin network hash rate hit a new record high amid price volatility

The hash fee of the Bitcoin (BTC) community hit a brand new ATH, even when the worth of the highest cryptocurrency struggled to get previous the $40,000 mark.

The community’s hash fee hit a brand new report excessive of 258 EH/s on Thursday earlier than settling across the 220 EH/s mark. 

The current rise within the BTC community hash fee signifies the rising variety of miners on the blockchain. The Bitcoin community hash fee has grown greater than 400% because the Chinese language crypto mining ban final 12 months when it fell under 70 EH/s.

The Bitcoin community managed to get well from the numerous hash fee drop by the top of final 12 months and has solely grown in 2022.

Bitcoin community additionally noticed a rise in mining issue to new historic highs, reaching 29.70 trillion. The mining issue is adjusted to maintain the block technology time of 10 minutes fixed. An increase within the mining issue signifies that extra miners are competing in opposition to one another to mine the following block.

Associated: Bitcoin miners imagine international hash fee to develop ‘aggressively’

Based on knowledge from BTC.com, Bitcoin mining issue elevated by 5% on April 27 and has seen three constructive re-adjustments and two detrimental ones in 2022. The subsequent issue adjustment is slated for Could 10.

Bitcoin community has stood the check of occasions and numerous regulatory onslaughts. The rise in mining issue and community hash fee additionally comes at a time when there’s a important push for Bitcoin’s change to proof-of-stake from its present proof-of-work mining consensus.

Greenpeace, together with different local weather teams and co-founder and government chairman of Ripple (XRP) Chris Larsen, has launched a brand new marketing campaign geared toward altering Bitcoin to a extra environmentally pleasant consensus mannequin. Nonetheless, core Bitcoin proponents proceed to advocate for the present mining mechanism because it affords true decentralization.

Whereas Bitcoin’s power consumption has change into a controversial subject, it has usually been used to hawk faux narratives reminiscent of “BTC will dissipate all of the power by 2022.” With BTC gaining mainstream reputation, clear mining has change into a precedence for a number of mining firms.