The leading cryptocurrency bitcoin (BTC) showed a significant increase of 10.8% in the hash rate, which formed a new historical high and increased the security of the network.
There are many factors that contribute to the increase in the hash rate. First and foremost, this figure depends on the processing power provided by the hardware.
It turns out that more powerful equipment is connected to the BTC network, allowing miners to mine coins and get rewards at a lower cost.
We can assume that lower prices for ASICs from manufacturers such as Bitmain have also helped operators of this business offset their operating costs in a bear market.
After China banned cryptocurrencies and related transactions, bitcoin miners moved to other countries, including Kazakhstan, Canada and Germany.
However, three months after the ban, China resumed mining operations, according to the Cambridge Center for Alternative Finance. Obviously, China’s return to crypto-space has also contributed to the growth of hash rates.