According to Blockchain.com, the hash rate of the largest cryptocurrency by market cap reached a new all-time high of 74.5 million TH/s on July 5.
The previous record was broken in the second half of last month, when the hash rate of the cryptocurrency reached 65.19 million TH/s. However, its boost did not stop there and has continued to grow ever since.
The hash rate is the number of calculations per second a software can perform. This is a very important indicator for crypto miners, since the higher the hash rate is, the more chances they have to solve a problem before their competitors and thus take the corresponding reward.
In addition, when the hash rate is high, hackers face more problems to carry out 51% attacks, which significantly increases the network security.
This increase in the hash rate has resulted in a rise of the energy consumed by mining devices. However, research company CoinShares states that 74% of mining activity is driven by renewable energy.
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