Record: Bitcoin hashrate grows in 3 days more than the entire Binance mining pool

chart shows rise in bitcoin hashrate reaching all-time high of 335 EH/s

The Bitcoin hashrate jumped more than 15% in three days, which led it to set new all-time highs, as a sign of the growing participation of miners in the network, contributing to the security of the protocol.

According to graphics offered by the mining company Braiins, the hashrate, which is the sum of the computing power of the Bitcoin network, is at 235 EH/s this Thursday, June 9, 2022a figure never seen since the activity began.

What is interesting is that on June 6, the hash rate was more than 30 EH/s down, at 202 EH/s. This evidenced a rise of 16.33% in a matter of 72 hours.

The increase in the hashrate occurs at a time when the difficulty of mining, which is the measure that regulates the issuance of bitcoins (BTC), was adjusted and rose slightly to 30.28 T. Although it is not higher than the one registered in May, it could suggest that there are more miners operating in the network. The difficulty adjusts every time 2,016 blocks are added to the ledger or blockchain.

The hashrate jumped just as the profitability of Bitcoin mining remains stable, above $0.13. Although it is not an optimal figure, it is not a bad price either, knowing that the hashprice reached 2020 lows for several days in May.

chart shows rise in bitcoin hashrate reaching all-time high of 335 EH/s
The hashrate touched all-time highs of 335 EH/s this Thursday. Source: Brains.

The hash rate too grows when the price of bitcoin stabilizes at USD 30,000, a barrier that it has been trying to break for several days and that has prevented it from falling below USD 25 thousand. At the time of writing this article, the CriptoNoticias price calculator quotes 1 BTC at USD 30,367.51.

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More than several mining pools

The hashrate increase of 33 EH/s can be compared to what is currently covered by various Bitcoin mining pools, which are the pools where operators unify their processing powers to perform Proof of Work (PoW).

For example, the hashrate of Bitcoin grew in three days more than what the pool of the cryptocurrency exchange Binance gathers, whose average rate is 28.9 EH/s, according to the figures from Memopool.Space.

Binance bitcoin mining pool average hashrate is 28.9 EH/s
The Bitcoin hashrate grew in three days more than the average Binance pool has. Source: Memopool.Space.

Additionally, it outnumbered several other pools, such as Poolin and ViaBTC, whose hashrates are 22.76 EH/s and 16.24 EH/s, respectively. The increase also outpaced other groups, such as the long-standing Slush Pool (12.68 EH/s) and Luxor (8.77 EH/s). This according to data from Brains Insights.

Good that it goes up, but it is not everything

Although it is positive that the processing power of the Bitcoin network grows to all-time highs due to the security it offers to the system, it is not the only factor capable of determining how protected the protocol is.

This according to Daniel Frumkin, Braiins content manager, who said in conversation with CriptoNoticias that right now there is more hashrate than is actually needed to ensure that the Bitcoin network does not fall victim to attacks.

In his opinion, the geographical and jurisdictional distribution of the hashrate is a more relevant factor for the security of the protocol than the indicator itself.

In any case, there is an increase. And although it is difficult to determine what is due, it is plausible to think about the reconnection of equipment, that in full decline in profitability during the past month, paused operationsas revealed by the drop in hashrate and the difficulty reported by this medium.

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