The hash rate of Bitcoin (BTC) network, has rebounded to new all-time highs, after the brief slowdown occurred in May. Overall, the miners are currently producing a 258 average exchanges per second (EH/s), per day.
According to the data revealed by the public hash rate, the average daily hash rate has raised by 4.41% in the previous 24 hours. Moreover, in the past week, the hash rate dipped as low as 188 EH/s – in other words, 188 quintillion hashes.
The last hash rate recorded was on the 2nd of May at 251 EH/s, after that it started to drop down. This crash coincided with crypto market crash in May which witnessed hundreds of billions of dollars wiped off the market, also a top ten cryptocurrency crumble to worthlessness.
The hash rate and price share a logical connection. The price of Bitcoin (BTC) falls, and the BTC miners are less incentivized to consume the energy required to produce hashes.
As more the hash rate is the more difficult the Bitcoin will be, so that each block takes around 10 minutes to mine. The blocks creation process follows a consensus mechanism called proof of work, because of the energy or work that goes into securing the network.
Ethereum (ETH) does also operate by the same method, but it is currently planning to move to another mechanism called proof of stake. This move will increase scalability and reduce the network’s energy footprint.
By the time of writing this article, Bitcoin (BTC) is trading at $30,019.52 in red.