Bitcoin's hashrate measures the estimated number of terahashes per second (TH/s) on the bitcoin network over the last 24 hours. The number of unique wallet addresses used on the blockchain (800k) is at a 1-year high, and the relative difficulty to mine a new block (20t) is also at an all-time high (ATH), causing massive delays in confirmation times. Unfortunately, Ethereum is also at ATH in hashing rate this week, in the wake of the ongoing defi hype and surging fees, crossing 250T/s and up 80% since the beginning of the year. Bitcoin goes through periodic emission cycles with events such as the halving. In Bitcoin’s case, its halving occurs once every 210,000 blocks, roughly every four years, until the maximum supply of 21 million Bitcoin has been mined. The last halving was on May 11, 2020. This self-adjusting difficulty provides incentives for an individual miners to join (or leave) the network based on the price of bitcoin and the overall performance of their mining hardware. The environmental impact of Bitcoin mining accounts for roughly 0.2% of global electricity consumption—roughly the same CO2 emissions as Las Vegas. If your confirmations on Redeeem are slow today, this is just a short-term consequence of the abnormally high hashrate and recent spike in popularity of bitcoin after recent institutional interest and renewed talks of stimulus packages from the U.S. Congress. Ethereum's hashrate—an estimate of successful hashes per second by ETH miners—also reached an all-time high of 290 TH/s on October 6. Ethereum 2.0, expected as early as Q1 2021, hopes to solve a lot of the congestion issues and high fees that plagues its network by moving from a Proof of Work to Proof of Stake consensus algorithm. For now, we will all just have to be patient.