Bitcoin Hash Rate Attains New All-Time High | Know Why

Bitcoin’s hash rate touched its all-time high for the third time in October. This rise in BTC mining is going to enhance the overall security of the blockchain and become the reason for higher trust in Bitcoin. 

However, this rise is not all of a sudden and the hash rate has been rising for the last few months. Here are some of the reasons behind the hash rate hikes.

Graphic Cards are Getting Cheaper

We are recorving from the global chip shortage and that has impacted the prices of graphic cards drastically. Graphic cards and their computational power is used to mine Bitcoin and this is allowing the miners to increase their mining capabilities.

The Ethereum Merge

Ethereum merge is another big reason behind the increasing hash rate of Bitcoin. The Ethereum blockchain network has moved from Proof-of-Work to Proof-of-Stake and that has orphaned the ETH miners or forced them to move towards Bitcoin mining. This shift in the mining power is resulting in an increased Bitcoin hash rate.

Cryptos are Being Regulated Around the Globe

A rise in crypto regulation around the world is creating the right environment for crypto adoption. The increasing adoption is becoming the reason for more exposure and inviting new miners to join the Bitcoin mining party. This directly impacts the hash rate of Bitcoin.

These reasons are evident to all those who are in the crypto space for a while and one can predict with ease that the surge in BTC hash rate is going to last for a long time. This is a great sign for Bitocin and can facilitate it to regain its true value in the cryptocurrency domain.

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