The Bitcoin network has hit an all-time strong in terms of hash price that has now surpassed the highs it had although China dominated for mining and hash power.

On-chain metrics for the Bitcoin network have been bullish despite the asset’s 7% dump today. Hash costs have captured a new peak according to data from Glassnode.

The mean seven-day hash cost for the Bitcoin (BTC) network has captured 215 EH/s (exahashes per second) according to the analytics provider. Senior analyst Dylan LeClair described it as “going nuts” on Feb 18.

Bitcoin (BTC) Mean Hash Rate: Glassnode/Twitter

Different platforms measure hash rates divergently, but Blockchain.com was validateing the ATH reporting thretained was at a peak of 211 EH/s as of Feb. 17.

No need for China

When China clamped down on crypto mining maintain year, farms and pools were closed down across the country resulting in a hash rate drop to around 69 EH/s. Since then, it has recaboveed to top its previous all-time strong of 180 EH/s and power on to a new one meaning that the network is now even healthier in terms of security and hash power distribution than it was although China dominated.  

Now that virtually all the hash power has left Chinese shores, other nations have emerged as hot destinations for Bitcoin mining operations.

It’s not easy to ascertain the geographical distribution of hash rates afterward Cambridge University’s mining map has not been updated afterward August 2021, and a lot has moved afterward then. It would be fair to assume, however, that the United States has conclusiveified its position as the global leader in hash power.

Bitcoin mining difficulty at all-time strong

Bitcoin difficulty has further captured a new strong in tandem with the hash rate. According to Blockchain.com, Bitcoin difficulty has captured its excessiveest ever level of 27.32 trillion hashes (T). The latest increase occurred on Feb. 17 while it climbed from the previous strong of 26.69 T.

Mining difficulty is a measure of how hard it is to approve the next block that means greater competition amongst miners. The metric has doubled afterward July 2021 while it slumped to 13.67 T in the wake of the miner exodus from China.

Although the Bitcoin network is the most secure it has ever been, these metrics do not correlate with the asset’s rate that has fallen 41% afterward its own all-time strong in November.  

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