Even as the leading cryptocurrency struggled to break above the $40,000 barrier, the Bitcoin (BTC) network’s hash rate reached a new high.
On Thursday, the network’s hash rate reached a new high of 258 EH/s before settling at roughly 220 EH/s.
The increased number of miners on the blockchain is reflected in the recent growth in the BTC network hash rate. Since last year’s Chinese crypto mining restriction, when it dipped below 70 EH/s, the Bitcoin network hash rate has increased by over 400%.
By the end of last year, the Bitcoin network had recovered from a major dip in hash rate, and by 2022, it was only growing.
Mining difficulty on the Bitcoin network has also increased to new historic highs, reaching 29.70 trillion dollars. The mining difficulty has been tweaked to maintain a 10-minute block generation time. More miners are fighting against each other to mine the next block as the mining difficulty increases.
Bitcoin mining difficulty increased by 5% on April 27th, according to BTC.com, and has witnessed three positives and two negative re-adjustments in 2022. On May 10, there will be another difficult adjustment.
Bitcoin network has withstood the test of time
The Bitcoin network has withstood the test of time as well as multiple regulatory attacks. The increase in mining difficulty and network hash rate comes at a time when there is a strong push to switch Bitcoin’s mining consensus from proof-of-work to proof-of-stake.
Greenpeace, along with other climate organisations and Chris Larsen, co-founder and executive chairman of Ripple (XRP), has launched a new campaign targeted at transforming Bitcoin’s consensus mechanism to one that is more ecologically friendly. Core Bitcoin proponents, on the other hand, continue to support the current mining system because it provides true decentralisation.
While Bitcoin’s energy consumption has become a contentious issue, it has frequently been used to sell false narratives such as “BTC will consume all electricity by 2022.” Clean mining has become a priority for a number of mining companies as BTC has grown in popularity.