The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.
Hashrate, which reflects the processing power of the Bitcoin network, reached almost 103 trillion ‘tera’ hashes per second. It showed that more miners are employing their computers to create and “hash” a block of verified transactions before adding them to the ever-growing string of blocks, called blockchain. In simple words, miners saw profits while verifying and validating transactions on the Bitcoin blockchain. It, in turn, prompted them to increase their operational expenditure (typically, electricity input) on the network.