Earlier this week, the computing power of the Bitcoin network hit an all-time high. Data from Blockchain.com shows that between February 20 and February 26, the total hash rate reached 320 EH/s, a 10% increase from the beginning of the month.
320 EH/s represents a 44% increase from December’s low of 222 EH/s.
The reason for the sharp rise in hashrate can be attributed to increased uptime for U.S. miners throughout December. The United States has been hit by severe winter storms, straining the domestic power grid. Forced many miners to cut production to maintain grid stability.
Earlier this year, more favorable weather conditions stabilized the grid and allowed miners in the country to run much longer uptime. This continued throughout February, allowing miners in the U.S. — which account for 51% of Bitcoin’s global hash rate — to increase their mining capacity.
Bitcoin’s hash rate peak also correlates with bullish BTC prices, which saw a solid recovery in mid-February despite prolonged macro uncertainty.
- Bitcoin hash rate increased by 82% year-on-year.
- Three major burdens are on the shoulders of miners: low bitcoin price, ATH difficulty, and computing power is close to the peak
According to Cryptoslate