Last Updated on July 10, 2023 by COINBUZZFEED
Bitcoin’s network hashrate has soared to unprecedented levels, reaching an average of 401 EH/s over the past seven days and an average of 445 EH/s in just three days, according to Hashrate Index. Additionally, the price of Bitcoin has experienced a remarkable 14% surge in the last thirty days, igniting further excitement among cryptocurrency enthusiasts and investors.
The surge in Bitcoin’s hashrate is a significant milestone for the cryptocurrency network. Hashrate refers to the computational power dedicated to mining Bitcoin and securing its decentralized ledger, the blockchain. A higher hashrate indicates a stronger and more secure network, making it more challenging for malicious actors to manipulate transactions.
The recent surge in hashrate can be attributed to various factors, including increased mining activity, improvements in mining hardware, and favorable market conditions. Notably, premium ASIC (Application-Specific Integrated Circuit) miners like the S19 XP have witnessed a surge in demand, leading to a corresponding increase in price. Conversely, some other ASIC models have experienced price stagnation or even a decline, reflecting the competitive landscape of the mining industry.
Beyond the technical advancements and market dynamics, Bitcoin’s newfound reputation as an environmentally friendly and socially beneficial asset has also contributed to its popularity. Previously criticized for its energy-intensive mining process, Bitcoin has made significant strides toward sustainability. The shift toward greener mining practices, such as utilizing renewable energy sources, has helped alleviate concerns about its carbon footprint. This progress has positioned Bitcoin as a positive force for change, especially in third-world countries where access to financial services remains limited.
