Bitcoin network reaches unprecedented 400 th/s amid global energy concerns

Quick Take

The Bitcoin network has witnessed a significant milestone, with its hash rate peaking at 400 terahashes per second (th/s), a first in its history. This development is particularly noteworthy considering the ongoing energy crises in Texas and escalating electricity prices globally.

The growth pattern closely mirrors the events preceding the 2020 halving, where a similar hash rate surge was observed. This impressive performance may indicate a ‘miner bull run,’ a phenomenon observed when miners increase their computational power to secure more rewards before halving events, which traditionally reduce block rewards by half.