The previous record was ‘broken‘ the 2nd half of June, once bitcoin’s hashrate reached around 65.19 TH/s and growth has steady continued since then.
Hash rate is the range of calculations that a given hardware or network can perform in each second. It’s a necessary parameter for miners, as the next hash rate increases their possibilities of solving the mathematical problem, sealing off the block and thereby the associated reward. The higher network hashrate conjointly increases the amount of resources required for performing a 51% network attack, ensuring safety.
Increases within the network’s hash rate typically mean that its energy consumption is likely to increase. Still, cryptocurrency investment products and research firm named CoinShares recently ‘calculated‘ that above 74% of total bitcoin ‘mining‘ is powered by renewable energy.
As reported earlier in Sept. last year – within the so called “crypto winter” -proved to be a retrograde step for the bitcoin network. At that time, the network’s hashrate fell for the very first time ever.
Also in June, an other ‘news‘ broke that bitcoin’s mining difficulty level has reached an incomparable high, demonstrating the increasing competition for block rewards between miners.