Last week, Bitcoin’s hashrate reached a record high on a seven-day moving average of 755 EH/s. Hashrate refers to the computational power needed to mine and process transactions on a proof-of-work blockchain. This surge in hashrate, which occurred at the end of October, amounted to almost 12% in just one day, making it one of the largest increases seen so far this year, according to data from Glassnode.
Bitcoin’s hashrate is a key indicator of the network’s security and overall health. The higher the hashrate, the more secure the network is against potential attacks. This recent spike in hashrate not only demonstrates the growing interest and investment in Bitcoin mining but also highlights the network’s resilience and strength.
As Bitcoin continues to gain mainstream adoption and recognition as a legitimate asset class, its hashrate is expected to keep climbing. This upward trend in hashrate not only signifies the increasing competition among miners but also reflects the growing confidence in Bitcoin’s long-term potential and value.
