Maximum security in Bitcoin network: hashrate sets a new record
The processing power of the Bitcoin (BTC) network reached a new all-time high (ATH) this weekend, which reaffirmed the high security of the network and the increasing activity of miners around the world.
According to Glassnode figures, Bitcoin's hashrate reached 248.75 exahashes per second (EH/s) on Saturday, a figure never seen before. It rebounded shortly thereafter and remains, at press time, above 209 TH/s. Likewise, this is an ATH for BTC processing.
The last time the Bitcoin hashrate marked an ATH was last January 13. According to Glassnode's own figures, at that time, the network's processing power reached 215 exahashes per second (EH/s).
Bitcoin's hashrate reached 248 EH/s, a figure never seen before for network processing. Source: Glassnode
As is known, the hashrate increases as there is more mining activity on the network. Therefore, the increase could be due to the fact that there is more processing going on, presumably in countries where, for several days, there has been a disconnection, such as Kazakhstan.
Although it is unlikely to know the fate of the miners, it is a fact that this Central Asian country has been charging the industry. In recent days, the president of that country called for an increase in taxes on Bitcoin miners, claiming that they supposedly do not generate jobs, although studies show the opposite.
Due to this situation, a new migration of miners has been taking place since last month in that country. The curious thing is that it is not only because of the governmental ordinances, but also because of the political crisis that the country is going through and that, as collateral damage, affects the miners.
Thus, the miners, like nomads, would look for another destination to operate and Russia, which recently legalized bitcoin as a foreign currency [and would regulate it as such] seems to be becoming another focus for the activity. It is good to remember that the president, Vladimir Putin, has expressed his approval for bitcoin mining to be carried out in his territory.
At the same time as the displacement of miners, the start-up of new machines operating in various farms around the world could also be an influential factor in the growth of the hashrate.
The localized focus of bitcoin production could be, in addition to Russia, the United States, where miners could be exempt from tax returns, allowing the activity to expand.
It is also plausible that, given the growth of the activity, new mining machines are about to be launched on the market. Like all products, they may be being tested within the companies that created them, which, perhaps unintentionally, has a positive influence on Bitcoin's processing power.
Bitmain's S19 XP miner would be going live in the next few months, as planned since its launch. Source: Global Sources
The rise in the hashrate comes just as the price of bitcoin is regaining its resistance above USD 40,000, after several days of trading near USD 30,000 and which pushed the market to extreme fear, according to the Fear & Greed Index. Right now, bitcoin is trading above USD 42,200.
Be that as it may, the growing hashrate leaves no other taste in the mouth except that the network is more secure than ever and activity is becoming even more decentralized, which is extremely convenient for the development of the bitcoin ecosystem.