The growing value of bitcoin is reflected in the mining power of the asset, which is approaching another record level.
Data provided by Blockchain.com shows that as of October 25, 2021, Bitcoin has a hash rate of 150.42 Eh / s, just 22% less than the record high mining power of 188.66 Eh / s.
In general, this indicator of the bitcoin network has been growing since it fell to an all-time low almost three months ago. During this period, the hash rate increased by 78% due to the increase in the price of BTC.
Both the computing power of Bitcoin mining and its price dropped significantly in mid-2021 amid China’s regulatory bans. The country has banned bitcoin mining, calling cryptocurrencies a threat to the stability of the financial sector.
At the same time, Bitcoin mining faced negative environmental reactions due to its carbon footprint, as a result of which operators massively turned to renewable energy sources.
As the hash rate increases, the difficulty of mining BTC will increase, which means more competition between miners for block formation.
Moreover, amid rising prices, more miners are expected to connect to the network, hoping to make a profit during the rally. Over the past week, the value of bitcoin has reached a new all-time high of around $ 67,000.
This spike is often attributed to the endorsement of the first U.S. exchange-traded bitcoin fund.
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