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    Why Facebook’s Former Crypto Head Is Starting His Own Crypto Startup?

    Crypto NFT Platform Sorare Partners With Major League Baseball (MLB) Sorare Offers NFT gaming In Major League Baseball

    Crypto NFT Platform Sorare Partners With Major League Baseball (MLB) Sorare Offers NFT gaming In Major League Baseball

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    BAYC Inspired NFT Brand Is All Set For Its Launch Into Web3

    English Football Club Arsenal Enters NFT Craze

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    Azuki NFT Prices Plummet After Founder Raises Rug-Pull Alarm

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    Instagram May Roll Out NFT Support This Week, Despite A Crypto Crash

    Instagram May Roll Out NFT Support This Week, Despite A Crypto Crash

    Opensea’s Official Discord Account Has Been Hacked

    Opensea’s Official Discord Account Has Been Hacked

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    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

    The Sandbox Teams Up With A 9 Year OId To Create Zombie Zoo Land

    The Sandbox Teams Up With A 9 Year OId To Create Zombie Zoo Land

    Sébastien Badault About the Role of Ledger In The Metaverse

    Sébastien Badault About the Role of Ledger In The Metaverse

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    The Sandbox Mega City 2 Land Sale Starts April 28

    NFT Evening

    Times Square Mall In Hong Kong Announces A Metaverse Location

    NFT Evening

    What You Need To Know

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    Decentraland Hold The First Ever Marathon In The Metaverse

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    N.W.A’s Arabian Prince Is Using The Metaverse To Improve US Healthcare

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    Heavy Metal Legends Slipknot x The Sandbox Announce ‘KnotVerse’ Club

  • Analysis
    Bitcoin

    Bitcoin Holds Key Support, Why BTC Must Clear This Resistance

    bitcoin

    This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

    bitcoin

    Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

    Bitcoin

    Why Bitcoin Still At Risk of A Fresh Decline Below $29K

    Could Terra's New Curve Pool Kill MakerDAO's DAI?

    The Crypto Whales That Backed Terra Before It Imploded

    Bitcoin

    Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

    Bitcoin

    Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

    Ethereum

    Ethereum Reclaims $2K, Why Upsides Could Be Limited Above $2.2K

    Terraform Labs Shares “Emergency” Plans as LUNA Breaks Below Five Cents

    Terraform Labs Shares “Emergency” Plans as LUNA Breaks Below Five Cents

  • Learn About Crypto
    How to add altcoins to your Metamask wallet?

    How to add altcoins to your Metamask wallet?

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    Crypto Bull And Bear Market Key Identifiers And How To Navigate The Two

    Why You Need To Keep Your Crypto Assets Secure ?

    Why You Need To Keep Your Crypto Assets Secure ?

    Death Of Crypto Or Its Elixir Of Life

    Death Of Crypto Or Its Elixir Of Life

    Top 10 Crypto Marketing Agency Of The Year!

    Top 10 Crypto Marketing Agency Of The Year!

    Monero Mining: Full Guide on How to Mine Monero

    Monero Mining: Full Guide on How to Mine Monero

    Dogecoin Mining Guide

    Dogecoin Mining Guide

    Top Crypto Investment Strategies when the Crypto Market is Bleeding

    Top Crypto Investment Strategies when the Crypto Market is Bleeding

    Do DAOs foretell the future of businesses ?

    Do DAOs foretell the future of businesses ?

  • Regulation
    China returns as 2nd top Bitcoin mining hub despite the crypto ban

    China returns as 2nd top Bitcoin mining hub despite the crypto ban

    EU regulators criticize stablecoins to promote Euro CBDC

    EU regulators criticize stablecoins to promote Euro CBDC

    RBI warns of crypto ‘dollarization’ of Indian economy

    RBI warns of crypto ‘dollarization’ of Indian economy

    Portugal to lose crypto tax haven status as state announces gains duties

    Portugal to lose crypto tax haven status as state announces gains duties

    US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

    US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

    California regulator will revisit long-running ban on crypto donations on May 19

    California regulator will revisit long-running ban on crypto donations on May 19

    Digital euro could come as soon as 2026 — ECB official

    Digital euro could come as soon as 2026 — ECB official

    CBDC activity heats up, but few projects move beyond pilot stage

    CBDC activity heats up, but few projects move beyond pilot stage

    80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?

    80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?

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Bitcoin Hashrate Climbs To New High As Price Recovers Above $42,000

February 15, 2022
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Bitcoin’s hash rate has continued its recent climb, riding the waves to new highs. The digital asset that has been suffering following the market crash seems to only be suffering in price as it has kept up the pace in other avenues. Coming out of the weekend, bitcoin has recorded a significant spike in its hash rate, leading to a new high of 248.11TH/s in a period of 24 hours.

Bitcoin Hash Rate Touches New High

Between February 11th and February 12th, the bitcoin hashrate recorded a new high. Miners who have been an integral part of the network since inception have continued to increase their support for it. Not only does mining profit the miners through block rewards and transaction fees, but they also help to secure the network with their activities which is why the recent surge is important.

Relaed Reading | Argentinian Tax Authority to Seize Digital Wallets to Collect Tax Debts

The hash rate has continued to trend around the same level for the better part of the month, fluctuating above and below 200 TH/s. On Saturday however, Blockchain.com reported that the hash rate had jumped 31% in the space of a day. It is one of the most significant growth recorded on the blockchain in recent times.

In a matter of one year alone, the hashrate has grown 54%. This is coming up from the China crackdown on mining that saw the hash rate from the region crash to near zero. The digital asset has since recovered from this and surged towards new highs.

With more power coming from the computing machines of miners, the hash rate has continued to climb. It is, in turn, helping to straighten the bitcoin network, an all-around win for the asset.

Why Is Hash Rate Rising?

The rise in the hash rate can be attributed to the number of miners that are coming into the space. Gone are the days when bitcoin mining was carried out on computers with graphics cards. Nowadays, there are entire farms dedicated to the activity of thousands of mining machines all connected to give the miners a better shot at mining a block. It has grown into a robust, billion-dollar industry.

Bitcoin price chart from TradingView.com

BTC settles above $42K | Source: BTCUSD on TradingView.com

On the flip side of this, small-time miners are also ramping up their activities. Although their small hash rate makes it harder to make a profit, these small miners are finding refuge in mining pools where they pool their hash rate together, thereby increasing their chances of finding a block.

Relaed Reading | Bitcoin Price Quick Look: Profit Taking Affects Current Market Movements

This has worked out for a couple of miners who have been able to mine full blocks, receiving the full reward, despite their small hash rate. With this, more small miners are coming online but the real values are coming from the big players.

It is expected that bitcoin’s hash rate will continue to rise as more players move into the mining industry. It has become a refuge for investors who want to invest in bitcoin-adjacent products. Currently, Russia has overtaken China and the United States to become the country with the highest hash rate.

Featured image from CoinDesk, chart from TradingView.com

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