Bitcoin Hash Rate Reaches New High…Details Here

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According to the data provided byBitInfoCharts“Bitcoin hash rate reached a new record high of 203.5 exahs per second, which means that the bitcoin network is now very powerful.

Hashrate refers to the total computing power needed to mine new digital currencies and secure the network.

Bitcoin mining difficulty is expected to jump to 24.98 trillion later this week, approaching the 25 trillion level recorded in May before the Chinese ban.

The mining difficulty is automatically adjusted every two weeks based on the Bitcoin hash rate.

The more saturated the network becomes, the more coins are produced, which is why a positive adjustment is needed to avoid overproduction of bitcoins (and vice versa).

On July 3, the difficulty of bitcoin mining declined by a record 27.94% after the mass exodus of Chinese miners triggered by the government’s ban on cryptocurrency mining.

On June 20, the network’s hash rate dropped to a low of 58.4 exahs per second, but it managed to recover relatively quickly thanks to the migration of Chinese miners to other countries such as Kazakhstan and Russia.

Last October, the United States became the largest bitcoin mining hub in the world, overtaking China.

Bitcoin and Energy Consumption:

Meanwhile, discussions about excessive energy consumption in Bitcoin continue.

According to data shared by Digiconomist, the world’s largest cryptocurrency consumed 134 TWh of electricity, which is comparable to the consumption of a major economic power such as Argentina.

The staggering statistic has many environmentalists complaining about the negative impact of bitcoin mining on the climate.

Proponents argue that cryptocurrency mining is actually greener than most other industries:

Things Digi does not do:

-Provide context, for example, that Bitcoin’s carbon footprint is similar to cruise ships
-Mention that tens of millions rely on BTC as a humanitarian tool
-Disclose that he works for a central bank
-Share that mining is much greener than most industries

— Alex Gladstein 🌋 ⚡ (@gladstein) January 2, 2022