The Bitcoin (BTC) network hit a new all-time high of 248.11 million TH/s as of February 12, 2022, protecting the decentralized ecosystem with a growing network of global BTC miners.
The hash rate is related to the processing power required by miners’ computers to confirm the transaction. The recent increase in the network’s BTC hash rate provides additional protection against attacks by preventing fraudulent transactions from being fraudulent.
Bitcoin hash for the past year. Source: YCharts
As shown in the screenshot above, the network hash rate jumped by 31.69% from 188.40 EH/s to 248.11 EH/s in just one day. Additionally, the Bitcoin network has grown by 54.33% over the past year.
Bitcoin hash rate for the last month. Source: YCharts
Earlier, China’s general ban on mining and cryptocurrency trading raised concerns about the security of the Bitcoin network, with the Asian country providing, as of June 2021, 34.25% of the total Bitcoin mining hash rate.
When miners finally turned to other crypto-friendly countries, the Bitcoin network improved dramatically, eventually surpassing the previous record.
Bitcoin mining by country. Source: ccaf.io
Currently, US-based miners contribute the largest amount to the global Bitcoin network hash rate, at 35.4%.
RELATED: Bitcoin Miners Believe Global Massive Rate is Growing ‘Strongly’
Cointelegraph’s latest analysis for January concluded that players in the industry believe that the BTC hash rate will continue to rise. Despite investor panic caused by the price roller coaster of BTC, industry experts have noted that the Bitcoin network is proving to be stronger than ever.
Michael Levitt, co-founder and CEO of Core Scientific, told Cointelegraph that he fully expects the global BTC hash rate to continue to grow at a robust pace. However, he stated that this growth depends on the future price of bitcoin, as well as the success of the infrastructure that is being built now.