Bitcoin Network Hash Rate Explodes To a New All-time High Of 248.11 EH/s

Bitcoin (BTC) network has recorded a new hash rate all-time high of 248.11M TH/s as of Feb. 12, 2022, further securing the decentralized ecosystem through a growing network of global BTC miners. 

The hash rate is proportional to the amount of computing power required by a miner’s computer equipment to confirm a transaction.

The recent increase in the hash rate of BTC’s network ensures additional security against attacks by discouraging bad actors from confirming fraudulent transactions.

Bitcoin hash rate over the past year. Source: YCharts

As evidenced by the above screenshot, the network hash rate jumped 31.69% — from 188.40 EH/s to 248.11 EH/s — in just one day. Moreover, the BTC network’s hash rate levels rose 54.33% over the past year.

Bitcoin hash rate over the past one month. Source: YCharts

Previously, China’s blanket ban on cryptocurrency mining and trading raised concerns about the BTC network’s security, as the Asian country contributed 34.25 percent of total Bitcoin mining hash rate until June 2021.

With miners eventually seeking refuge in other crypto-friendly countries, the Bitcoin network experienced a rapid recovery, eventually surpassing previous all-time highs.

Bitcoin mining by country. Source: ccaf.io

Currently, the miners residing in the United States contribute the highest in terms of the global hash rate of the Bitcoin network, 35.4%.

According to iexclusivenews analysis from January concluded that the industry players believe that the BTC hash rate will continue to grow.

Despite the investors’ panic induced by the BTC price roller-coaster, industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before.

iexclusive News Nigeria gathered that Michael Levitt, co-founder chairman and CEO of Core Scientific, told cointelegraph that he fully anticipates for the BTC global hash rate to continue growing at an aggressive pace.

However, he mentioned that this growth is dependent on the price of Bitcoin moving forward, along with the success of the infrastructure currently being built.