Bitcoin Hash Rate Hits New Record High

The hash rate of Bitcoin (BTC) hits a new breaking record, as revealed by the statistics of Blockchain.com.

Exhibit 1. Hash Rate of Bitcoin (BTC)

Source: Blockchain.com, THE BLOCK

As seen in Exhibit 1. The hash rate of Bitcoin reached a new breaking record of 74.5 million tera hashes per second (TH/S) on 5 July. The new record broke the previous record of 68.6 million TH/S on 29 June.

A hash rate is defined as the speed of miner’s performance or the number of hash operations done in a given amount of time. Bitcoin mining involves finding blocks through complex computations. A higher hash rate means a higher chance of finding the next block and receiving the reward. In addition, a higher hash rate indicates increasing difficulty to launch 51% attack as more resources are needed, which enhances the safety of the network.

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