Bitcoin hashrate reaches new all-time high
Bitcoin mining activity is increasing globally as market participants pump fresh capital into their businesses. While the leading United States-based bitcoin (BTC) miners, such as Marathon Digital Holdings, recorded a significant decrease in their BTC output during June due to unfavorable weather conditions, that narrative changed for the better in July. Per data released by Hashrate Index, a resource for bitcoin mining data and more, bitcoin’s 7-day and 3-day hashrate reached new all -time highs over the weekend, indicating that miners in the US and other jurisdictions are now firing on all cylinders. Specifically, bitcoin’s 7-day average hashrate rose to as high as 401 EH/s on July 8, while the 3-day hashrate surged to 444 EH/s, representing an 18% increase. You might also like: Bitcoin mining stock prices outperformed BTC in H1 2023 Unlike proof-of-stake (PoS) based blockchains like Ethereum, where the network reaches consensus via staking activity, the bitcoin dist...