United States-based bitcoin miners, including Marathon Digital Holdings, experienced a notable decline in BTC output during June due to adverse weather conditions.
Bitcoin’s hashrate reaches an unprecedented peak
However, the mining landscape took a positive turn in July. According to data released by Hashrate Index, a reliable resource for bitcoin mining data, both the 7-day and 3-day hashrates of bitcoin reached new all-time highs over the weekend. This indicates that miners in the United States and other jurisdictions are operating at full capacity and contributing to the network’s security and efficiency.
Specifically, bitcoin’s 7-day average Bitcoin’s hashrate soared to a remarkable 401 EH/s on July 8, while the 3-day Bitcoin hashrate surged to an impressive 444 EH/s, reflecting a substantial 18% increase. These figures highlight the significant computational power and dedication of miners in maintaining the integrity and stability of the Bitcoin network. Unlike proof-of-stake (PoS) based blockchains like Ethereum, which rely on staking for consensus, the Bitcoin distributed ledger and other proof-of-work (PoW) chains depend on miners to validate transactions and secure the network. Bitcoin’s hashrate serves as a critical metric, ensuring robust network security and resistance against potential attacks.
As of the time of writing, data available on YCharts indicates that the global Bitcoin network hash rate stands at a substantial 425.48 million terahashes per second (TH/s). Examining the geographical distribution of bitcoin mining activities, the United States remains at the forefront, accounting for 35.4% of the global bitcoin hash rate. Following closely behind are Kazakhstan with 18.1% and Russia with 11.23%, as reported by the World Population Review.
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