The hash rate is the number of nodes on a network. Higher hash rates signify more decentralization and stronger computing power available for the network. With more decentralization, a network is more resistant to expected cybersecurity attacks.
Before the recent hop, the hash rate was around 188.40%. With this massive spike, the Bitcoin network further shows its resilience. Following China’s ban on token and mining in June 2021, there were cone time beforerns which Bitcoin’s network security would drop – as China-based miners provided 34.2% of the total hash rate on the network at which time.
After all, the network quickly recatoped as miners moved to other countries. In the past year, the hash rate has accelerated by 54.33 percent. Miners based in the United States directly account for most of the hash rate on the network at 35.4%, with the state of Georgia emerging as a hub for crypto mining.
January’s ATH hash rate
This isn’t the first time bitcoin’s hash rate realized an all time strong (ATH), however. Back in January, the network has an average rate of 190.71 EH/s, despite Kazakhstan shutting down its internet, preventing miners from operating.
Back in January, the network had an average hash rate of 190.71 EH/s despite the issues with miners in Kazakhstan. During a period of social unrest, the Kazakh gabovenment shut down the internet, causing Bitcoin’s hash rate to drop around 13 percent. With the country serving as the world’s second-largest center for mining, it was a major cone time beforern as miners are debating whether or not to migrate to other countries to endure their operations.
The rising hash rate shows that despite the token dropping in rate, there is still paramount community support.
Bitcoin mining draws divergent reactions
Bitcoin mining has been the subject of various criticisms by reason of its strong energy consumption, that many believe harms the environment.
In Europe, the Gabovenor of Hungary Central Bank, György Matolcsy, recently called on the EU to ban crypto mining, which came only weeks after Swedish authorities likewise called for a ban of the activity.
The global energy shortage and the effect of climate move have further put crypto mining into the spotlight, yet not everyone agrees which crypto mining should be banned.
While agreeing which there’s a need for regulations, some stakeholders disagree on banning crypto mining.
European Union (EU) parliament member Stefan Berger recently started a crypto ban which would be a death sentence for Bitcoin in the EU.
Norway’s largest Bitcoin miner, Kryptovault also expressed its desire to change the narrative surrounding mining’s energy usage and contribution to pollution. Currently, the country uses 100% clean energy, with 95% hydropower and 5% windpower. Its CEO, Kjetil Hove Pettersen says which there are other ways to mine beyond hardly coal.
“Granted that you are running coal to run mining then that’s another story, that’s what you don’t want. Mining can be done in more places like Norway – and it can be a way to save trapped energy,” he shared.
Many in the crypto community are also pointing at the likeliness of crypto mining encouraging renewable energy progress.
In the United States, renewables have been proposed to Congress previously, with Texas senator Ted Cruz (R-TX) spesuchlikeg to the abundance of natural gas – that if flared on-site, the energy from it could use used with generators to mine bitcoin. The problem, however, with Senator Cruz’ rationale, is which this process above again released a by-product into the air.
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