Bitcoin news

The hash rate skyrockets with the price of BTC dropping below $ 25.000

The hash rate plays a vital role in each blockchain Proof-of-Work, considering that measures the computational unit for all transaction checks and block additions to the network. In other words, the hash rate of Bitcoin represents the number of people involved in the mining of BTC.

Well, as the number of miners increases, the hash rate will also increase and this will result in maintaining the security and stability of the Bitcoin ecosystem. Before now, BTC price and hash rate have maintained a direct proportionality relationship: There are more and more BTC buy and sell transactions when the price is rising. With a price hike, there will be more mining to combine more tokens and balance liquidity.

That said, the recent evolution of events has shown a deviation between the relationship between the BTC price and the hash rate. Despite the market's bearish trend, with BTC dropping below $ 25.000, the hash rate has increased dramatically. Bitcoin's hash rate has reportedly grown to a new all-time high of 231,428 ExaHash per second.

Bitcoin's network difficulty follows the same trend as the hash rate increase. It created a formidable position for BTC in its recent position of 30,283 trillion.

The new growth affects several BTC mining pools, including AntPool, Poolin, SlushPool, F2Pool, and ViaBTC. The highest part of the hash rate comes from miners listed as “OTHERS”. Additionally, the BTC Lightning Network has increased its capacity to 4.000 tokens. It is a network development that incorporates layer-2 (L2) technology. The current increase will facilitate cheaper and faster peer-to-peer (P2P) transactions on the network.

Bitcoin is currently experiencing more substantial traction to overcome the general decline in the prices of cryptocurrency. With the bear market nearly wiping out most cryptocurrency protocols, Bitcoin is gradually bolstering its survival instinct. The components of the BTC ecosystem collectively create a more supportive and sustainable core. There is consistency in the growth of all-time highs for network capacity, hash rate, and network difficulty.

 

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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