ICYMI: Bitcoin's hashrate has reached a new all-time high, meaning that more miners are joining the network BTC $BTC
has reached a new all-time high of 248 EH/s, which essentially means that Bitcoin miners are computing 248 quintillion hashes per second.The cryptocurrency's hashrate is typically calculated based on the speed of block production and the level of mining difficulty, but there are different approaches.
The metric is widely used for assessing the robustness of the Bitcoin network since it shows its total computational power. The higher the hashrate, the more difficult it is for bad actors to perform a 51% attack that would lead to double-spend issues. The recent increase in hashrate means that more miners are joining the network. During severe market corrections, the hashrate typically drops as industry participants struggle to remain profitable and choose to capitulate. Case in point: December 2018. Last year, the Bitcoin hashrate also experienced a severe drop afterbanned crypto mining and forced local industry participants to flee to friendlier jurisdictions.
Since it is virtually impossible to mine a Bitcoin block by oneself, miners have to join mining pools in order to get a piece of the block reward that typically stands at 6.25 BTC. According to data provided by
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