The uproaring Bitcoin (BTC) hash rate reached a new all-time high on July 7, as per the data from monitoring resource Blockchain.com. The previous record was broken in June’s second half, when it reached 65.19 THB/s, and has been steadily increasing since then.
Simply put, hash rate refers to the number of calculations that a hardware or network performs every second. A key parameter for miners is the hash rate. The higher the hash rate the better the chance of solving the mathematical problem that will seal off the block and allowing them to collect their reward. A 51% attack is more secure because of the high hashrate.
It is interesting that the hash rate of the network often indicates an increase in energy consumption. CoinShares, a research and investment company that offers cryptocurrency products, recently found that 74% of bitcoin mining is powered entirely by renewable energy.
According to a previous report, the period following September 2018, also known as the “crypto winter”, was seen as a retrograde step by the bitcoin network. At that time, the network’s hashrate was at its lowest point ever. Bitcoin’s mining difficulty hit an all-time high of 6.6% in June. This is a sign that miners are competing for block rewards.
