On February 12, the bitcoin network recorded a new record hash rate of 248.11 TH/s.
The increase in hash rate provides additional protection for blocks against attacks, keeping attackers from confirming fraudulent transactions.
The network’s hashrate rose 31.69% – from 188.40 EH/s to 248.11 EH/s – in just one day. Moreover, bitcoin’s hash rate has increased by 54.33% over the past year.
Earlier, China’s complete ban on the cryptocurrency raised concerns about the continued security of the network, as the country provided 34.25% of bitcoin’s total hash rate until June 2021.
However, miners have successfully emigrated to more cryptocurrency-friendly countries. Currently, miners residing in the United States contribute the most in terms of global network hashrate – 35.4%.