In a significant development within the Bitcoin network, the hash rate has recently reached an unprecedented high of 791.62 million TH/s, according to data from the Ycharts platform. The hash rate serves as a crucial indicator of the network’s security and efficiency.
This milestone for Bitcoin also signifies a remarkable 73.95% improvement in hash rate compared to the previous year. The Ycharts data reveals that Bitcoin has experienced a noticeable increase in its hash rate in recent weeks, ranging from 574 million to 742 million at the beginning of October.
Recent on-chain activity has laid the groundwork for Bitcoin to surpass the 791 million level, where it has remained unchanged for two consecutive days. The Ycharts platform highlights, “The Bitcoin Network hash rate is currently at 791.62M, unchanged from yesterday’s 791.62M and up from 455.08M a year ago. This is a 0.00% change from yesterday and 73.95% change from a year ago.”
It’s important to note that the recovery in this significant metric has been driven by the development of more advanced mining equipment, coinciding with reports of major Bitcoin miners in the US exerting their dominance. These miners currently control nearly 29% of the global hash rate.
As of the time of publication on October 21, 2024, the Bitcoin price stands at US$68,334.68, approximately R$389,292.65 BRL and €63,079.00 EUR, showing a slight decline of 0.5% over the past 24 hours.
The cryptocurrency market has witnessed a notable surge in liquidations, exceeding $135 million in the last 24 hours, with Bitcoin inching closer to the $70,000 mark. This sudden movement has caught many investors off guard, resulting in losses for 54,843 traders worldwide.
Bitcoin, which hasn’t reached this level since its peak in March when it briefly traded at around $73,000, is experiencing a resurgence. The surge in BTC’s price has sparked enthusiasm in the market, but it has also triggered a wave of liquidations on major cryptocurrency exchanges like Binance, OKEx, and Bybit.
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