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Bitcoin network computing power hits new high at 248EH/s

While the price of bitcoin continues to evolve in sideways movement, it is coaling rather well at the level of the network of the first cryptocurrency on the market. The bitcoin hash rate had registered a new ATH at 248.11EH/s during the day on February 12.

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It is clear that bitcoin is fully recovering from the ” China ban ” which had plunged computing power during rs of the middle empire provide 34.2% of the hash rate total network at that time. Compared to the low in May, the computing power of the king of crypto has already increased by 190%.

The icing on the cake, the mining ecosystem has already seen two peaks in hash rate for the year 2022. In January, despite pressure from the government of Kazakhstan, bitcoin’s hash rate peaked at 198EH/s.

The Hash Rate Of Bitcoin Rose By Almost 32% In 24 Hours
Bitcoin network computing power hits a new high at 248EH/s.

 

 

Bitcoin hash rate on an annual basis. Source: YCharts/Cointelegraph

 

During the day on Saturday, the hash rate increased by 31.69% from 188.40 PE/s to 248.11 PE/s. On an annual basis, the velocity of mining activities has already increased by 54.33%. According to data provided by Coinwairz, the hash rate has evolved by an average of 190.71EH/s for the year 2022.

 

According to several observers, the increase in computing speed can be explained by the desire of miners to secure the BTC network against the acts of hacking which are increasing in the cryptoverse at the beginning of this year. In reality, when the hash rate rises, this demonstrates broader participation and decentralization of miners at the network level to strengthen the resilience of the blockchain to the maneuvers of hackers.

 

 

The Price Of Bitcoin Consolidates Within $40,000-$45,000

 

If the hash rate is in record mode, the price of bitcoin is not advancing too well. After seeing rejection in the $45,850 area, the price of BTC is moving in a kind of sideways movement positioned between [$40,000-$45,000]. However, it was believed that the performance at the beginning of February would allow the asset to take off after 3 months of decline.

 

However, the turbulent macro-economic context, marked by diplomatic tensions between the United States and Russia on the Ukrainian file as well as the acceleration of the level of inflation in the economy across the Atlantic, slows down the bullish attempts of the market.

 

The volume data confirms this uncertain situation reflected by the trading range. At the time of writing this article, the volume of bitcoin traded over the last 24 hours is $16.2 billion. Over the last 7 days, the average volume of bitcoins traded in a day amounts to 25.42 billion dollars. At these volume levels, it is clear that it will be difficult for the asset to induce a true upside reversal.

 

So, that’s why the Fed’s urgent exit during the week will be more than decisive for the short-term future of bitcoin and other risky assets.

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