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Bitcoin hashrate nears 700 EH/s after hitting new record highs

Bitcoin hashrate nears 700 EH/s after hitting new record highs

GrafaGrafa2024/09/09 04:25
By:Mahathir Bayena

Bitcoin's (CRYPTO:BTC) hashrate has continued its ascent, reaching 692.28 exahash per second (EH/s) on September 8, 2024.

This milestone represents a leap from the previous record set on July 25, 2024, and positions the network within reach of the 700 EH/s mark.

Over the past week alone, Bitcoin's hashrate increased by 66 EH/s, marking yet another all-time high for the cryptocurrency network.

Throughout 2024, Bitcoin's network has experienced a substantial boost in computational power, rising from 393 EH/s at the beginning of the year to the current level.

This reflects a growth of over 299 EH/s in the past year, translating to a 76.15% increase.

This growth trend is notable as it coincides with rising mining difficulty levels, even as miner revenue has shown signs of decline.

The hashprice, a metric that estimates the value of 1 petahash per second (PH/s), has seen a slight dip.

As of September 8, 2024, it dropped to $38.55 per PH/s per day from $39.01 the previous day, according to Luxor's hashrate index.

This decline suggests that, despite the increase in hashrate, the profitability for miners has decreased due to higher competition and difficulty levels.

The elevated hashrate is also influencing block intervals, which have been averaging around 9 minutes and 28 seconds.

This faster pace is expected to trigger a difficulty adjustment on September 10, 2024, with a projected increase of 5.48%.

If this adjustment occurs as anticipated, it will set a new all-time high for Bitcoin's mining difficulty, surpassing the record established during the two-week epoch that began on July 31, 2024.

As the hashrate continues to climb, it reflects the ongoing commitment and investment by miners, further solidifying Bitcoin's position as a leading digital asset.

At press time, the Bitcoin (BTC) price was $55,174.14.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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