The Bitcoin network is now more secure than ever. The network's hash rate, which is the network's security indicator, hit a new record of 203.5 exahashes per second (EH/s) this month, according to data from Bitinfocharts.
Hash rate refers to the total combined computational power used to mine and process transactions. The higher the hashrate, the more secure the network is, as the computing power needed to successfully attack also increases.
In the last 12 months, Bitcoin hashrate has increased by 49% compared to 136.5 EH/s recorded in January 2021.
The growth is even more impressive, a staggering 199.2%, when compared to the figures seen in July of last year, when the hashrate plummeted to as much as 68 EH/s after China's crackdown on the mining industry.
The network has been on a steady recovery since then, with several major Bitcoin mining operators moving to other jurisdictions.
The hash rate also indirectly serves to measure the difficulty of mining Bitcoin, as increased competition from machines to extract new Bitcoins means greater demand for the currency, an indicator that may reflect on the future price.