Bitcoin hashrate reaches new all-time high
Bitcoin mining activity is increasing globally as market participants pump fresh capital into their businesses.
While the leading United States-based bitcoin (BTC) miners, such as Marathon Digital Holdings, recorded a significant decrease in their BTC output during June due to unfavorable weather conditions, that narrative changed for the better in July.
Per data released by Hashrate Index, a resource for bitcoin mining data and more, bitcoin’s 7-day and 3-day hashrate reached new all-time highs over the weekend, indicating that miners in the US and other jurisdictions are now firing on all cylinders.
Specifically, bitcoin’s 7-day average hashrate rose to as high as 401 EH/s on July 8, while the 3-day hashrate surged to 444 EH/s, representing an 18% increase.
Unlike proof-of-stake (PoS) based blockchains like Ethereum, where the network reaches consensus via staking activity, the bitcoin distributed ledger and other proof-of-work (PoW) chains rely on miners for network security.
Bitcoin mining hashrate is a critical security metric. High hashing/computing power in the network ensures greater security and more resilience to attack.
At the time of writing, data available on YCharts shows that the global bitcoin network hash rate stands at 425.48 million terahashes per second (TH/s).
Regarding the geographic distribution of bitcoin mining activities, the United States still occupies the frontline, accounting for 35.4% of the global bitcoin hash rate, followed by Kazakhstan (18.1%) and Russia (11.23%), according to the World Population Review.
As recently reported by crypto.news, the UAE is making conscious efforts to become a formidable force in the bitcoin mining space. The region now accounts for nearly 4% of the global bitcoin mining activity.
