Bitcoin Hashrate Climbs To New High As Price Recovers Above $42,000!
Bitcoin’s hash rate has continued its recent climb, riding the waves to new highs.
The digital asset that has been suffering following the market crash seems to only be suffering in price as it has kept up the pace in other avenues.
Coming out of the weekend, bitcoin has recorded a significant spike in its hash rate, leading to a new high of 248.11TH/s in a period of 24 hours.
Between February 11th and February 12th, the bitcoin hashrate recorded a new high.
Miners who have been an integral part of the network since inception have continued to increase their support for it.
Not only does mining profit the miners through block rewards and transaction fees, but they also help to secure the network with their activities which is why the recent surge is important.
The hash rate has continued to trend around the same level for the better part of the month, fluctuating above and below 200 TH/s.
On Saturday however, the hash rate had jumped 31% in the space of a day. It is one of the most significant growth recorded on the blockchain in recent times.
In a matter of one year alone, the hashrate has grown 54%.
This is coming up from the China crackdown on mining that saw the hash rate from the region crash to near zero. The digital asset has since recovered from this and surged towards new highs.
With more power coming from the computing machines of miners, the hash rate has continued to climb. It is, in turn, helping to straighten the bitcoin network, an all-around win for the asset.