Quick Take
The Bitcoin network has witnessed a significant milestone, with its hash rate peaking at 400 terahashes per second (th/s), a first in its history. This development is particularly noteworthy considering the ongoing energy crises in Texas and escalating electricity prices globally.
The growth pattern closely mirrors the events preceding the 2020 halving, where a similar hash rate surge was observed. This impressive performance may indicate a ‘miner bull run,’ a phenomenon observed when miners increase their computational power to secure more rewards before halving events, which traditionally reduce block rewards by half.
The resilience of Bitcoin’s computational power amidst global energy concerns signals not just the robustness of the network but also potentially magnifies the need for sustainable energy solutions in cryptocurrency mining, given its heavy reliance on electrical power.
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