The Bitcoin network recorded a new hash rate all-time high of 248.11 exahashes per second (EH/s) on Saturday, further securing the decentralized ecosystem through a growing network of global Bitcoin (BTC) miners.
The hash rate correlates to the computing power required by a miner’s computer equipment to confirm a transaction. The recent spike in the Bitcoin network’s hash rate ensures further security against double spending. Double spending relates to the process of reversing transactions over the blockchain by contributing to over 50% of the hash rate.
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 Bitcoin network’s hash rate levels have risen 54.33% over the past year.
Previously, China’s blanket ban on crypto mining and trading led to concerns about the security of the Bitcoin network, as the Asian country contributed to 34.25% of the total Bitcoin mining hash rate until June 2021.
With miners eventually finding refuge in other crypto-friendly countries, the Bitcoin network saw a sharp recovery — eventually surpassing its previous all-time highs.
Currently, miners residing in the United States contribute the highest in terms of the global hash rate of the Bitcoin network — 35.4%.
A recent Cointelegraph analysis concluded that industry players believe that Bitcoin’s hash rate will continue to grow. Despite the investors’ panic induced by the BTC price rollercoaster, industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before.
Michael Levitt — co-founder, chairman and CEO of Core Scientific — told Cointelegraph that he fully anticipates that the Bitcoin global hash rate continues to grow 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.