Bitcoin Mining Network Hits New Record Hash Rate Above 300 EH/s

cryptonews.com:

According to Bitcoin mining data tracking website MiningPoolStats, Bitcoin’s hash rate hit a new record high earlier this week. According to the website, the network reached the milestone of computing three hundred quintillion (300,000,000,000,000,000,000) hashes per second (300 EH/s).

Bitcoin’s hash rate is viewed as a proxy of the processing power allocated to securing the Bitcoin network by its army of miners. A rising hash rate is viewed as a sign of network adoption, as well as that the network is growing more secure.

The achievement was separately confirmed by Bitcoin mining company Braiins. They defined the real-time network hash rate as “the estimated total network hash rate based on API-reported hash rate values for all mining pools and estimated hash rate values based on blocks found for miners and pools who are not reporting their real-time hash rate”.

One Twitter user responded with a warning that it might not be wise to pay too much credence to the “daily hash rate since statistically it’s not a true representation of hash rate”. “I would always look at the 7 day hash rate or at LEAST the 3 day,” they recommended. “Still - it’s exciting,” they added, referring to the hash rate hitting a new record high.

While not usually looked at as an indicator of whether Bitcoin is entering a bull market, a rising hash rate is news that any Bitcoin owner will want to hear, as it is evidence of the growing strength of the network despite 2022’s brutal price drop.

Other websites estimated the Bitcoin network’s hash rate at slightly lower levels. Blockchain.com estimated it at around 274 EH/s earlier this week, while BTC.com’s latest estimate for the network’s has rate was 283.38 EH/s.

Mining difficulty is set to rise as the