Bitcoin hash rate hits a new all-time high

The Bitcoin network’s hash rate rose by 400 percent since China’s mining ban took effect last year. Despite the fact that the price of Bitcoin (BTC) dropped dramatically, its hash rate achieved a new all-time high. On Thursday, the network’s hash rate hit a new all-time high of 258 EH/s before dipping to around 220 EH/s.

The increasing hash rate of the BTC network indicates an increase in Bitcoin miner numbers. When the Chinese crypto mining ban was lifted at the end of 2017, the Bitcoin network’s hash rate fell below 70 EH/s. The Bitcoin network managed to recover from its large hash rate drop by the end of last year and has just increased since then.

The Bitcoin network’s mining difficulty also rose to new all-time highs, jumping to 29.70 trillion. The block generation time of 10 minutes is kept consistent by adjusting the mining difficulty. When the mining difficulty rises, this indicates that more miners are competing against each other to solve the next block.

According to data from BTC.com, Bitcoin mining difficulty rose by 5% on April 27, and there have been three positive adjustments and two negative ones in 2022 as a result of this. The next difficulty adjustment is expected for May 10th.

During the past decade, Bitcoin has weathered many regulatory assaults. The rise in mining difficulty and network hash rate comes at a time when there is a strong push for Bitcoin’s transition to proof-of-stake from its current proof-of-work consensus.

A new campaign was launched on Friday by Greenpeace, along with other climate organizations and Ripple (XRP) co-founder and executive chairman Chris Larsen. The current mining mechanism, however, continues to be promoted by core Bitcoin advocates as it provides genuine decentralization.

Although the issue of Bitcoin’s energy usage is a contentious one, it has frequently been employed to spread false tales such as “BTC will use up all of humanity’s energy by 2022.” Several mining businesses have recognized the importance of clean mining as BTC becomes more popular.

Find more articles from Crypto Tax Calculator Australia, visit the Crypto Tax Blog Page. The Crypto Tax Calculator Australia is an essential tool for all cryptocurrency traders in Australia. It offers three different subscription plans to suit your needs, so why wait? Subscribe today and get started calculating your crypto taxes in a fast and stress free way!