Bitcoin hash rate rise to highest level since November 2022

In February, Bitcoin hash rate reached the highest values in the history of the largest digital currency. The capacity of the network is growing against the background of the strengthening of the BTC rate by almost 50% since the beginning of 2023. On February 17, the hashrate exceeded 340 Eh/s.

In parallel, there is an increase in network activity. The average daily number of transactions on the blockchain in the middle of the month reached 344,532. Increased demand for sending funds led to an increase in transaction fees.

This week, the average transaction fee rose to $2,465, the highest level since November last year. An important event in 2023 was the launch of NFTs on the Bitcoin blockchain.

About 74,000 digital images were posted on the network in January, in parallel, analysts recorded a rise in transactional activity on bitcoin. Miners were able to earn almost $700,000 in commissions from the hype.

According to Glassnode, thanks to the deployment of digital images and the activation of network users, the number of addresses with a non-zero balance exceeded 44 million. The main source of this activity is directly related to the integration of the Ordinals solution and the hosting of digitized collections, according to Glassnode.