The hashrate of Bitcoin has surged to a fresh record high with the global network operating at the highest level of demand in history, TrustNodes reported.

  • The hashrate reached 216 exahashes a second on Thursday, surpassing the previous record of 207 exahashes a second.
  • The development comes even as Kazakhstan suffered an internet blackout earlier this January, along with a Bitcoin mining ban in Kosovo and in China which briefly dragged the network by over 50%.
  • With the decline of the hashrate, buying Bitcoin may be cheaper than mining. This would then increase demand for Bitcoin’s price while boosting the network security, effectively hiking the amount of value that can be transferred in a secure manner.

A number of Bitfarms have already indicated that the current price of Bitcoin is below production cost, driving them to move cash into the digital currency. BTC is down 1.61%.