Global Bitcoin Mining Activity Soars, Hashrate Hits Record High

Bitcoin’s mining activity is experiencing a significant boost. According to data from Hashrate Index, Bitcoin’s 7-day and 3-day hashrate hit record highs over the past weekend. The figures for the 7-day average hashrate climbed to an impressive 401 EH/s. Meanwhile, the 3-day hashrate saw a surge to 444 EH/s, marking an 18% increase, according to crypto.news.

This surge in hashrate is due to increased capital injection into Bitcoin mining enterprises. For instance, American miners, who experienced a decline in their BTC yield in June, have now rebounded. This bounce-back is a result of improved weather conditions in the US.

At the same time, YCharts reveals that the global Bitcoin network hash rate now stands at 425.48 million TH/s. This increase in hashing power enhances the network’s security and resilience, underlining the importance of Bitcoin’s proof-of-work system.

The US continues to lead in Bitcoin mining, contributing 35.4% of the global hashrate. However, other countries are also noteworthy contributors. Kazakhstan and Russia follow the US, accounting for 18.1% and 11.23% of the global hashrate respectively.

The UAE is also showing signs of becoming a serious player in the Bitcoin mining arena. According to crypto.news, the region now contributes almost 4% of global Bitcoin mining activity. This new development suggests a promising future for Bitcoin mining in the Middle East.

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