Hash Rate of Bitcoin Hits All Time High

The hash rate is the number of calculations hardware or network can perform every second, this is a very important parameter for crypto miners. The higher the hash rate the higher chances of solving the mathematical and sealing of the block before collecting their reward. An increase in hash rate is an increase in the safety of the network, the higher the hash rate the more resources required for performing a 51% attack.

According to data from Blockchain.com on the 7th of July, the bitcoin hash rate reached an all-time high. An increase in the hash rate most of the time means there is an increase in the energy consumption, CoinShares (cryptocurrency investment products, and research firm) estimated that about 74.1% of bitcoin is powered by renewable energy.    

In the month of June, news of bitcoin mining difficulty reaching an all-time high broke out, this shows the increased competition for block rewards between miners.

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