Hash rate in Bitcoin broke an all-time record
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The hash rate of the largest cryptocurrency Bitcoin today broke the all-time record and reached 150 quintillion hashes per second.
As the Bitcoin block reward halving approaches, miners, focus more on mining before the reward is reduced by half.
According to Glassnode, which provides data on cryptocurrencies, Bitcoin's hash rate surpassed the all-time record. This figure, which exceeds 140 quintillion hashes per second, is based on 150 quintillion hashes. The previous high was measured at 136 quintillions in March.
What does the hash rate climbing mean?
The rise in the hash rate shows that Bitcoin mining is being given more weight than ever before. This is understandable as the halving, which is expected to occur in the next 8-9 days, approaches. As is known, the 12.5 BTC mining reward given per block with the halving will be halved. These times are the last chance for miners to receive a reward of 12.5 BTC per block.
On the other hand, the higher the hash rate, the stronger and more secure the Bitcoin network is.
Possibility of decrease in hash rate after halving
Finally, a decrease in hash rate is expected after halving the block reward. The sharp decline may result in delayed transaction confirmations in the Bitcoin network and increased transaction fees.
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