Bitcoin hash rate taps new milestone with miner hodling at 1-year low
Bitcoin (BTC) is seeing new records in network activity as volatility sends BTC price action to fresh five-month highs.
Data from resources including MiningPoolStats confirms that Bitcoin’s hash rate hit new all-time highs on Jan. 26.
In another example of Bitcoin’s blitz recovery from the pits of post-FTX woes, network hashing power is now bigger than ever.
Hash rate, which is an expression of the processing power dedicated to the network by miners, is currently at 321 exahashes-per-second (EH/s), according to MiningPoolStats raw data.
Despite being only an estimate and impossible to measure entirely accurately, the latest readings are quite the feat, having never crossed the 300 EH/s level before.
Mining firm Braiins likewise confirmed the numbers in its live reporting feed.
Other trackers from BTC.com and Blockchain.com have slightly lower estimates, both being around 275 EH/s on the day. The latter shows hash rate hitting an all-time high of 276.8 EH/s on Jan. 20.
“Your wealth is more secure than ever!” popular commentator BTC Archive wrote in part of a Twitter response to the data, indicative of improving sentiment across the Bitcoin space.
Hash rate is a key component of Bitcoin security and significant drawdowns result in network difficulty rising to entice more miners to participate.
Network difficulty is also set to reach levels never seen before this week in a nod to fierce competition in the mining sector.
According to data from BTC.com, the next automated readjustment will send difficulty an estimated 2.75% higher to 38.62 trillion.
The previous readjustment delivered a 10.26% increase, Bitcoin’s largest since October 2022 and only the second double-digit hike since mid-2021.
Analyzing the climate, CoinLupin, a
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