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Bitcoin mining shows its best side with new hash rate record

Bitcoin (BTC) mining is increasingly strengthening network security and reaching unprecedented performance figures. The computational power or hash rate of all miners touched 200 EH / s for the first time, which shows the solidity that the system has reached for the transfer of value.

Various information services have validated the metrics that make Bitcoin an increasingly shielded network. According to Coinwarz records, the hash rate reached 198.6 EH / s this Thursday, April 8 and then drop, at the time of publishing this article, to about 157 EH / s. For blockchain analytics firm Glassnode, the average processing power stood at 178 EH / s, while for Bitcoin Visuals the cap reached 179 EH / s.

In parallel to the new peaks of processing power, the network also shows unpublished figures for the difficulty in mining. For Glassnode co-founder Rafael Schultze-Kraft, the difficulty increased by 5.8% last Friday, registering a new all-time high.

The processing power of the Bitcoin network is one of the elements that guarantees its security and operation. Its hash rate reached almost 200 EH / s. Source: Coinwarz.

According to the researcher, the difficulty has risen 66% in the last year and 24% so far in 2021. In Currently, the figure is 23.14 T and it is expected to rise to 23.79 T next week when the next adjustment occurs, according to data from btc.com.

As a result of all the above, and due to the boom that the price of BTC has experienced in the markets, the miners have made around 50 million dollars a day during the last month. On this point Schultze-Kraft indicated: “A year ago this figure was around 12 million dollars, that is, (there has been) an increase of 4 times.”

Miners are spending less bitcoins

Another interesting fact from an Analysis is knowing whether or not Bitcoin miners are selling their incentives for participating in the network. Although in the first quarter of 2021 the trend shows that there were important sales, the miners have started to save their cryptocurrencies again.

This behavior was reported by CriptoNoticias on March 1 when it was reported that miners had reduced their bitcoin sales to start accumulating again. For the Glassnode analyst, direct transfers of bitcoin from miners to the wallets of exchanges have dropped again significantly.

After a first quarter of 2021 geared towards sales, miners are now hoarding their bitcoins. Source: Glassnode.

The fact that miners spend less their bitcoins could favor the price of the cryptocurrency since the offer would be further reduced in the market. This situation, in combination with the high institutional demand, would generate a shortage of BTC that would impact up its price.

In general, Bitcoin mining exhibits in good condition, guaranteed high levels of safety and reliability. Its robustness has even been applauded by federal authorities in the United States such as Anders Brownworth, architect of payment systems at the Boston Federal Reserve.

In a recent event, the developer indicated that the Bitcoin blockchain is a solid and unflappable system and believes that if the United States is to bet on a digital dollar it must design an equally robust platform.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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