Hash rate has never looked better, and appetite for accumulating has only grown since China’s May mining crackdown.
Bitcoin (BTC) is about to hit a new all-time high in one essential area — and major mining pools have likely already clinched the title.
Data from monitoring resource MiningPoolStats shows that, as of Dec. 20, the Bitcoin network hash rate is practically at its highest ever.
Hash rate vanquishes specter of China
Despite the price comedown from $69,000, hash rate is steaming higher, and the chunk of computing power from known pools is now at a historic peak.
Hash rate refers to the computing power dedicated to mining, and while impossible to measure exactly, estimates agree that Bitcoin is more enticing for miners — and therefore more secure — than ever before.
The known pool hash rate sat at 182.4 exahashes per second (EH/s) this week, with the total hash rate at 188.9 EH/s.
According to MiningPoolStats, only once before has the latter been higher, reaching 209.3 EH/s in early May, just before the China miner rout. Known pools, on the other hand, have never been so busy.
As such, the hash rate is not only fully recovered from the Chinese crackdown, but is now stronger than at any time in Bitcoin’s history.