Bitcoin is witnessing a significant surge in its hash rate, with the recent figures setting new single-day records. On Dec. 1, the hash rate reached a high of 578 eh/s, followed by another notable surge on Nov. 3, where it achieved 558 eh/s.
Amid this surge, the Bitcoin network is less than a week from its next difficulty adjustment. This adjustment, currently in the positive territory by just over 1%, is poised to be the seventh consecutive positive adjustment. This sequence of positive adjustments mirrors a similar trend observed after the China mining ban in Summer 2021, which led to a steep % drop in the hash rate by 50%.
Despite the parallels, the present context differs significantly as it is marked by a marked increase in the hash rate rather than a decline. This expansion in the Bitcoin mining network’s computational power demonstrates its resilience and adaptability, critical factors in its long-term viability.