The amount of computing power of the bitcoin network has set a new high. According to blockchain.com, the hash rate of the first cryptocurrency rose to 151 EH / s. This is 3.5% higher than the previous high recorded in October 2020. Over the past 12 months, the indicator has grown by 45%, writes RBC Crypto.
The key reason for the growth in bitcoin hash rate was the increase in its value. As the asset became more expensive, the profitability of its mining increased. At the same time, more and more miners were turning on devices for mining cryptocurrency, which led to an increase in the total computing power of its network.
In October, there was a sharp decrease in the BTC hash rate by 27%. This was due to the end of the rainy season in the Chinese province of Sichuan. There are many hydroelectric power plants in it. When the rainy season ended, the cost of electricity went up. In this regard, miners began to turn off equipment and transport it to regions with cheaper electricity.