Bitcoin hash rate hit an all-time high after the crash in May.
After the drop in May, Bitcoin hash rate rose to an all-time high with 258 exahash (EH/s).
According to the data, the hash rate has increased by 4.41% in the last 24 hours alone. Just a week ago, the hash rate dropped to 118 EH/s.
The previous hash rate record was set on May 2 with 251 EH/s. The drop in hash rate came just after the crypto crash in May.
As Bitcoin’s value drops, miners produce less. For this reason, there is usually a correlation between price and hash rate. Since the Bitcoin value has stabilized in recent days, there has been an increase in the hash rate. According to the Cambridge index
, Bitcoin currently consumes an estimated 125 terawatt-hours of electricity each year. This means that more electricity is consumed than Finland.
Bitcoin is trading at $30,194 at the time of writing, according to CoinMarketCap data.
