Coinspeaker
Bitcoin Hashrate Reaches New High of 703 EH/s as Mining Power Increases
Bitcoin’s
BTC
$67,040
24h volatility:
2.0%
Market cap:
$1.32 T
Vol. 24h:
$35.23 B
computational power has reached an all-time high, with the seven-day moving average of the network’s hashrate soaring to 703 exahashes per second (EH/s). This achievement marks the first occasion that Bitcoin’s hashrate has exceeded the 700 EH/s mark, as reported by the latest data from Glassnode.
The hashrate, which reflects the total computational power employed in mining Bitcoin and processing transactions, has surged by nearly 13% since the April halving event. This event curtailed Bitcoin’s daily production from 900 to 450 BTC, tightening supply and likely contributing to rising prices.
Publicly traded Bitcoin miners have played a key role in this hashrate escalation. According to mining analyst Sebastian Ski, these miners now constitute 28.9% of the network’s overall hashrate as of September, contributing over 200 EH/s. Their market share has increased by nearly 10% since October of the previous year.
Public Miners Drive Hashrate Growth Surge
Ski noted that these publicly traded entities are progressively capturing market share from other global miners. Among them, CleanSpark, MARA Holdings, Riot Platforms, and IREN have shown the most significant growth in hashrate over the past year. This trend is supported by data indicating steady month-over-month production growth for these miners as of September.
Bitcoin mining remains a fiercely competitive and capital-intensive arena. With block rewards halving approximately every four years, the stakes for operational efficiency heighten. Miners lacking economic or energy efficiency are often forced to shut down operations. This natural market correction benefits miners with lower energy costs or stronger financial resources.
Moreover, Bitcoin’s hashprice, a measure of mining profitability, has recently surged to $50 per petahash per second (PH/s). According to Glassnode, this increase aligns with Bitcoin’s price reaching $68,000 and a rise in transaction fees, partly due to on-chain activities related to the minting of the runes protocol, which accounted for over 50% of all transaction fees on October 17.
Bitcoin Difficulty Set to Rise by 4%
As Bitcoin’s hashrate achieves these historic heights, the network is preparing for a difficulty adjustment, projected to increase by over 4% on October 23. These adjustments, which occur every 2016 blocks, help ensure a consistent block discovery time of approximately every 10 minutes despite changes in network power.
The rising hashrate enhances both the security and efficiency of Bitcoin transactions. It also underscores the growing influence of publicly traded miners within the blockchain ecosystem. As these miners advance their technology and operations, they will significantly shape the future landscape of Bitcoin mining, potentially affecting market trends and operational strategies.
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Bitcoin Hashrate Reaches New High of 703 EH/s as Mining Power Increases
