Yesterday, Bitcoin network’s hash rate reached a new all-time high of 232m TH/s, just as Ethereum’s hash rate declined to 859 TH/s. Bitcoin’s hash rate previously recorded an all-time high on June 12th.
Hash rates represent a network’s processing power. The greater the hash rate, the greater the computational power securing the network. A rise in this metric indicates that more miners are coming online or that existing miners are deploying more machines to process transactions.