Bitcoin hash rate hits all-time high despite market meltdown

Data from BTC.com reveals that the Bitcoin network has recorded a new all-time high mining difficulty of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s), signalling strong community support despite an ongoing bear market.

The Bitcoin network difficulty is determined by the overall computational power. This also co-relates to the difficulty in confirming transactions and mining BTC. This rally in the hash rate comes just 8 months after the network difficulty saw a downfall between May and July 2021 due to various reasons including a blanket ban on crypto mining from China.

As Chinese miners moved to other countries to resume operations, the network difficulty has seen a drastic recovery since August 2021. As a result, on Saturday, the BTC network recorded an all-time high of 26.643 trillion.

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