Bitcoin’s hash rate jumped to a new all-time high on Thursday to surpass 216 exahashes per second, beating a prior record of 207 Ex/s.
The jump comes despite a recent internet blackout in Kazakhstan, the second-largest mining jurisdiction, and the crackdown of mining operations in Kosovo.
The surge in hash rate has shown resilience since the bitcoin mining ban in China caused a 50% network drop, as the global network peaks at the highest level of demand.
Bitfarms founder and the Chief Executive Officer, Emiliano Grodzki, noted that the current BTC price is lower than the mining cost.
The rising hash rate could reportedly mean that it would be cheaper to buy the cryptocurrency than to mine it and may increase the buying pressure.
Bitcoin mining costs differ from one miner to another depending on the cost of electricity consumed.