Mining
The computing energy of the Bitcoin community reached its all-time excessive earlier this week. Knowledge from Blockchain.com confirmed the whole hash fee reached as excessive as 320 EH/s between Feb. 20 and Feb. 26, posting a ten% improve for the reason that starting of the month.
Such a notable improve in hash fee can largely be attributed to an increase in uptime for miners situated within the U.S. All through December. The U.S. was hit with extreme winter storms that strained the nation’s energy grid and compelled many miners to curtail their operations to keep up grid stability.
The start of the 12 months introduced on way more favorable climate situations that stabilized the grid and enabled miners within the nation to realize a considerably greater uptime. This continued all through February, enabling miners within the U.S. — which make up 51% of Bitcoin’s international hashrate — to extend their mining capability.
The height in Bitcoin’s hash fee additionally correlates with a rise in Bitcoin’s worth, which noticed a strong rebound in mid-February regardless of persisting macro uncertainty.
