Bitcoin’s hashrate has hit an all-time high, reaching an astonishing 692.28 exahashes per second (EH/s) on Sunday, September 8, 2024. This remarkable increase comes just one day after smashing the previous record set on July 25, and signals the network’s accelerating computational power as it inches closer to the 700 EH/s mark.
Bitcoin Smashes Records with 66 EH/s Growth in One Week
In the past week alone, Bitcoin’s hashrate spiked by 66 EH/s, a substantial leap that further emphasizes the strength and resilience of the network. Over the course of 2024, Bitcoin’s hashrate has seen explosive growth, rising from 393 EH/s in January to the current figure of 692.28 EH/s. Compared to the same time last year, the hashrate has increased by more than 299 EH/s, marking a staggering 76.15% year-over-year growth.
Mining Difficulty Nears All-Time High Amid Rapid Block Intervals
The surge in hashrate has led to quicker block intervals, averaging around 9 minutes and 28 seconds. This accelerated block production rate is expected to trigger a difficulty adjustment on September 10, 2024. Forecasts suggest the network’s mining difficulty could rise by approximately 5.48%, potentially setting a new record, eclipsing the previous high achieved in late July.
Miner Revenue Takes a Hit
Despite the growth in hashrate, miner revenues have been trending downward. According to data from Luxor’s hashrateindex.com, the value of one petahash per second (PH/s) per day has dropped to $38.55, down from $39.01 the previous day. This decline in hashprice reflects the intensifying competition among miners, even as the overall computational power of the network continues to climb.
What Lies Ahead for Bitcoin’s Network?
The sustained growth in hashrate signals the increasing robustness of Bitcoin’s network, though it raises questions about the implications for miner profitability and network efficiency. As Bitcoin inches closer to the 700 EH/s milestone, the crypto community will be watching closely to see how the difficulty adjustment and other factors impact the network’s future.
What are your thoughts on Bitcoin’s surging hashrate and its potential impact? Share your opinions in the comments section below.
