Bitcoin’s network strength peaks as hash rate surges to new all-time high
The Bitcoin network is currently at its strongest, with the hash rate hitting a new all-time high 63 days after the May supply squeeze
Total computing power on the Bitcoin network has hit a new all-time high: clocking 125 EH/s for the first time since the mining rewards were cut by half in May. Fundamentally, miners have switched on their mining rigs at a time when the network’s mining difficulty has been projected to adjust upwards by more than 9.5%, from 15.78 T to 17.29 T.
Bitcoin’s hash rate hitting new highs renders the theory that the network faced an imminent ‘death spiral’ irrelevant for now.
The theory postulates that Bitcoin miners are likely to dump their machines or move on to other networks after the latest rewards cut also cut miner revenue. More pointedly, Bitcoin’s hash rate tanked in the days after the halving as Bitcoin Cash and Bitcoin SV had their computing power spike to new highs.
