On July 7, according to data from Blockchain.com, the bitcoin (BTC) hash rate hit a record high of 72.5708EH/s.
Bitcoin's highest hash value was 66 million times per second at the end of June, and this number has been growing steadily since then.
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The hash rate is the number of calculations that can be performed per second for a given piece of hardware or network. This is a very important parameter for miners, because a higher hash rate will increase their chances of solving math problems, which will give them more block rewards. A higher network hash rate also increases the amount of resources required to perform a 51% attack, making the entire blockchain network more secure.
An increase in the network hash rate usually also means an increase in the energy consumed by mining. However, cryptocurrency investment products and research firm CoinShares recently estimated that the share of renewable energy in mining has increased rapidly, currently reaching 74.1%.
As Cointelegraph reported earlier, after September 2018, many miners stopped operating due to the plunge in bitcoin prices, which led to the first decline in the bitcoin network hash rate. At the time, the hash rate of the entire Bitcoin blockchain fell by more than 45%.
In June of this year, it was reported that with the increase of the network hash rate, the difficulty of bitcoin mining reached the highest level in history, which indicates that the competition between miners for the block reward is increasingly fierce.