Bitcoin (BTC) Retains Mining Crown as Hashrate Reaches New Record

Bitcoin (BTC) recently witnessed its mining rates surge to a record high of over 55 million TH/s, before settling back to a robust 52 million TH/s. This increase follows a temporary decline in mining activity that resulted in a loss of approximately 20% of the network’s hashing power.

Despite the fluctuating price of Bitcoin, which has dipped to around $6,300, the hashrate for the network continues to rise. Contributing factors to this growth include the arrival of new Antminer rigs, which offer improved efficiency and higher hashing capabilities. Notably, even with the significant uptick in hashrate, Bitcoin’s overall energy consumption has remained stable.

The fervor surrounding Bitcoin mining highlights the challenges in sourcing quality altcoins for mining. Activity in altcoin mining has diminished, particularly in Scrypt mining, which has experienced a 30% decrease in hashing power over the last three months.

As the leading digital currency, Bitcoin maintains its prominence in the mining arena, reinforcing its status in the cryptocurrency landscape.