As the price of bitcoin nears its all-time high, the hashrate of this network has once again reached an impressive high this year.
Bitcoin's computing power reaches a new high—Will this trend continue?
According to the increasing value trajectory of BTC compared to many fiat currencies, including the US dollar, the network hashrate of bitcoin is skyrocketing. At 11:30 AM Eastern Time on Wednesday, October 30, BTC is holding steady just below the $72,000 mark after reaching $73,600 on Tuesday afternoon.
Data from the mining company Luxor, highlighted on hashrateindex.com, shows that bitcoin miners are enjoying better revenues as prices rise. For example, on Wednesday, the estimated value of 1 petahash per second (PH/s) of SHA256 hashpower is approximately $48.05.
One PH/second is equal to 1,000 terahash per second (TH/second) or 0.001 exahash per second (EH/second). This figure is up more than 7% compared to October 27, when the hash rate for 1 PH/second hovered around $44.93. Along with these revenue figures, bitcoin miners have pushed the hashrate to a new peak.
Using a broader seven-day simple moving average (SMA), hashrateindex.com shows that the hashrate has surpassed the previous record of 736 EH/second set on October 25. As of now, Luxor's data indicates a high of 742.42 EH/second.
If the hashrate maintains this pace, the network could soon reach 800 EH/second. With all this increased hash power, the block time is flowing faster than the usual average of ten minutes, currently averaging about 9 minutes and 15 seconds.
Therefore, bitcoin miners and the network seem to be heading towards a difficulty adjustment. Current estimates indicate a potential difficulty increase of 7.94%, a change that could slow down the rapid mining rate in the future.
#binance #wendy #bitcoin #hashrate $BTC
