- 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).