Record-breaking increase in Bitcoin hash rate boosts network difficulty

Quick Take

Bitcoin’s network witnessed a remarkable event on Friday, as the hash rate surged to a peak of over 500 exahashes per second (eh/s) from the previous day’s figure of 400 eh/s.

This uncommon increase constitutes the single largest one-day augmentation in hash rate that the Bitcoin network has ever experienced. This upswing in hash rate typically observed using a 7/14-day Simple Moving Average (SMA), resulted in a consequential increase in network difficulty by over 5%.

This adjustment ranks as the sixth largest within the current year, signifying a robust network environment and possibly indicating increased miner participation.

This significant surge in Bitcoin’s hash rate and the subsequent increase in network difficulty underscores the dynamic and continually evolving nature of the cryptocurrency’s underlying technology. It is essential to keep monitoring these metrics, as they provide valuable insights into the overall health and security of the Bitcoin network.

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