Bitcoin Mining Reaches New All-Time High – Hashrate Soars By 18%

Updated on 11. July 2023 By admin Leave a comment

  • Bitcoin Hashrate Hits New All-time High – Bitcoin mining activity is increasing globally and the 7-day and 3-day hashrate have both reached new all-time highs.
  • Mining Security Metric – The global bitcoin network hash rate stands at 425.48 million terahashes per second (TH/s).
  • Geographic Distribution of Bitcoin Mining Activity – The United States is leading in bitcoin mining activities, followed by Kazakhstan and Russia.

Bitcoin Hashrate Reaches Record High

Bitcoin mining activity is on the rise around the world as market participants pump fresh capital into their businesses. In July, this trend was confirmed as the leading US-based bitcoin miners recorded a significant increase in their BTC output despite unfavorable weather conditions. According to Hashrate Index, a resource for bitcoin mining data and more, bitcoin’s 7-day and 3-day hashrates have both reached new all-time highs over the weekend. Specifically, bitcoin’s 7-day average hashrate rose to as high as 401 EH/s on July 8th while its 3 day has rate surged to 444 EH/s, representing an 18% jump.

Proof-of-Work Mining Security Metric

Unlike proof of stake (PoS) blockchains such as Ethereum which rely on staking activities for consensus, proof of work (PoW) chains like Bitcoin depend on miners for network security. The growth in Bitcoin’s network hashrate reflects renewed interest and investment in its mining operations and currently stands at 425.48 million terahashes per second (TH/s).

Geographic Distribution of Bitcoin Mining Activity

The United States holds a 35.4% share of the global bitcoin hash rate followed by Kazakhstan (18.1%) and Russia (11.23%), according to World Population Review data. Interestingly enough, the UAE has also been making efforts to become a major player in the cryptocurrency world with its current 4% contribution to global bitcoin mining activities .

El Salvador & Tether Partnership To Create Volcano Energy Bitcoin Mining Center

El Salvador recently announced that it would be partnering up with crypto firm Tether to create a Volcano energy powered Bitcoin mining center within its borders which will provide power from renewable sources such as geothermal energy . This move further solidifies El Salvador’s status as one of the most pro cryptocurrency countries worldwide .

Conclusion

Overall, it seems clear that there is still strong interest among investors about investing in crypto related assets such as Bitcoin miners due to its potential long term returns . Despite some hiccups along the way , it appears that more people are joining forces to make sure that blockchain technology continues to grow in popularity worldwide .