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The Bitcoin BTC hash rate has reached a new all time high as data revealed by the monitoring resource Blockchain.com on July 7 shows. The latest cryptocurrency news show that this new number is another one in the series of highs which Bitcoin managed to get by over the course of the past year

The previous record of the BTC hash rate was broken in the second half of June, when the hash rate reached 65.19 TH/s. The growth has steadily continued since then.

For those of you who haven’t been reading the best cryptocurrency news sites, the BTC hash rate basically represents the number of calculations that a given hardware or network can perform every second.

As such, it is a very important parameter for miners, as a higher hash rate will increase the chances of solving the mathematical problem – as well as sealing the block and collecting the reward. A higher network hash rate can also increase the amount of resources that are needed for performing a 51% attack which would make the network safer.

The increases in the BTC hash rate, aside from the new records, mean that the energy consumption in the network increases. Still, cryptocurrency investment products as well as the research firm CoinShares have recently estimated that 74.1% of the Bitcoin mining power comes from renewable energy.

As we previously reported in our Bitcoin and altcoin news, the “crypto winter” (the period after September 2018 when cryptocurrencies were at lows) proved to be a retrograde stop for the Bitcoin network. At the time, the BTC hash rate decreased for the first time ever.

In June, news broke that the mining difficulty for Bitcoin has reached an all-time high, demonstrating an increasing competition for block rewards between the Bitcoin miners. Currently, the Bitcoin price is with an upswing, trading above $11,400 with a market cap of over $200 billion. The daily trading volume is impressive and it seems like the coming altcoin news show other increases too – for almost every coin in the top 10 and most of the coins from the top 20 list.

The BTC hash rate may increase as the year goes by, analysts predict.