Bitcoin hash rate nears record levels amid Texas grid challenges
July 10, 2023

Bitcoin hash rate nears record levels amid Texas grid challenges

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Quick Take

The Bitcoin network’s computational power, measured by its hash rate, is closing in on its all-time highs. The momentum slowed over the past week due to issues with the Texas power grid amidst a heatwave. Despite these challenges, green energy solutions, such as solar and wind, have been instrumental in sustaining the power grid, as reported by ABC News.

Bitcoin Hash Rate Approaching All-Time Highs

Over a 14-day moving average, the Bitcoin hash rate currently stands at 379 terahashes per second (th/s). This figure is nearing the all-time high of 382 th/s, demonstrating the network’s continued resilience and growth.

Green Energy Aids Power Grid Stability

The role of renewable energy sources has become increasingly important in maintaining the stability of the power grid. Amidst the recent Texas heatwave, the grid has faced substantial strain, impacting the Bitcoin mining operations in the region. However, the use of solar, wind, and other green energy solutions has significantly contributed to the recovery and stability of the power grid.

Mining Difficulty Adjustment on the Horizon

As the hash rate rebounds, the Bitcoin network is expected to increase its mining difficulty, following a temporary 3% negative adjustment. Current projections anticipate a 7 to 8% growth in difficulty, scheduled for tomorrow, June 11. The expected increase reflects the network’s adjustment to the recovering hash rate, maintaining the balance of the mining ecosystem.

Difficulty: (Source: bitrawr)
Difficulty: (Source: bitrawr)
Hash Rate: (Source: Glassnode)
Hash Rate: (Source: Glassnode)

The post Bitcoin hash rate nears record levels amid Texas grid challenges appeared first on CryptoSlate.

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