Bitcoin hash rate reaches ATH
The computing power of the Bitcoin network reached its all-time high earlier this week. Data from Blockchain.com showed the total hash rate reached as high as 320 EH/s between Feb. 20 and Feb. 26, posting a 10% increase since the beginning of the month.
Graph showing Bitcoin’s hash rate from 2009 to 2023 (Source: Blockchain.com)
The 320 EH/s represents a 44% increase from the December low of 222 EH/s.
Graph showing Bitcoin’s hash rate from September 2022 to February 2023 (Source: Blockchain.com)
Such a notable increase in hash rate can mostly be attributed to a rise in uptime for miners located in the U.S. Throughout December. The U.S. was hit with severe winter storms that strained the country’s power grid and forced many miners to curtail their operations to maintain grid stability.
The beginning of the year brought on much more favorable weather conditions that stabilized the grid and enabled miners in the country to achieve a significantly higher uptime. This continued throughout February, enabling miners in the U.S. — which make up 51% of Bitcoin’s global hashrate — to increase their mining capacity.
The peak in Bitcoin’s hash rate also correlates with an increase in Bitcoin’s price, which saw a solid rebound in mid-February despite persisting macro uncertainty.
Graph showing Bitcoin’s price in February 2023 (Source: CryptoSlate BTC)