Bitcoin ( $21,113.00 ) ’s hashrate has hit a new record high of 248.11 million terahashes per second.
The top crypto asset is currently trading just above $42,000.
Despite the hashrate jump, Bitcoin ( $21,113.00 ) has had a sluggish start to 2022.
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Bitcoin ( $21,113.00 ) has hit its biggest-ever hashrate while the price of the asset appears to have rebounded over the last few days.
Bitcoin ( $21,113.00 ) Hashrate Hits All-Time High
The Bitcoin ( $21,113.00 ) network’s hashrate has recorded a new all-time high.
According to data from Glassnode, it jumped to 248.11 million terahashes per second Saturday, which represents an increase of more than 200% since it dipped to 82 million terahashes per second following China’s mining ban in June 2021.
The Bitcoin ( $21,113.00 ) hashrate refers to the amount of computing power assigned to the blockchain to verify transactions and earn block rewards. It’s a useful metric for determining the health and security of the blockchain. When the hashrate is higher, Bitcoin ( $21,113.00 ) is more secure against attacks because more computing power would be required to take control of a majority stake of the network. Such attacks are frequently referred to as “51% attacks.”
Where China was previously the bigger contributor to the network’s hashrate, the recent ban has meant that the United States now holds the top spot.
Bitcoin ( $21,113.00 ) ’s hashrate high comes as the amount of Bitcoin ( $21,113.00 ) on cryptocurrency exchanges has hit a three-year low of 2.5 million coins, per Glassnode data. This metric suggests that as the network’s security is strengthening, fewer investors are looking to sell their holdings.
Bitcoin ( $21,113.00 ) is currently trading at around $42,200, which is just above the local support level at $41,500. The $41,500 level is a resistance-turned support level that Bitcoin ( $21,113.00 ) reclaimed earlier this month before topping $46,000.
Nonetheless, while the hashrate jump bodes well for Bitcoin ( $21,113.00 ) ’s fundamentals, the top crypto asset has put in a lacklustre performance so far this year along with much of the rest of the crypto market. It’s down about 9.4% year-to-date and sitting roughly 39% short of its all-time high price of $69,000 recorded in November 2021.
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