An impressive milestone in cryptocurrency history: The Bitcoin hash rate recorded a new high of 741 EH/s on October 26. This is good news for the Bitcoin mining community!
According to Hashrate Index, the computational power of Bitcoin has reached a record high of 741 EH/s, marking an impressive growth of 9.6% in one week and 16.6% in one month. In just the past month, Bitcoin has added over 103 EH/s to its hash rate, indicating a relentless increase in mining activity.
Additionally, data from YCharts shows that the Bitcoin hash rate value reached 727.66 million on October 25, up from 699.12 million the day before and 455.08 million compared to the same period last year. Many experts believe this increase is driven by the emergence of advanced mining equipment and ample funding from large companies. Currently, major Bitcoin mining companies in the U.S. control nearly 30% of the global hash rate, indicating their strong position in the industry.
Analyst Sam Wouters predicted in March 2023 that Bitcoin would enter the Zettahash era when the hash rate reached 400 EH/s. He estimated that if this growth trend continues, Bitcoin could reach Zettahash by the end of 2025.
The Bitcoin mining difficulty has also skyrocketed!
According to Coinwarz, the BTC mining difficulty is currently at 95.67 trillion at block 867,462, increasing nearly 4% in a week and 17% in the past three months. This means that mining Bitcoin is becoming increasingly challenging. The next adjustment is expected to raise the difficulty to 98.8 trillion in the next nine days.
Despite the increasing mining difficulty, miners continue to make significant profits. As of October 25, they have earned over $34 million, although this figure has slightly decreased from $38.38 million on October 20.
Currently, Bitcoin is trading at $67,240, maintaining an impressive growth trend over the past six weeks, with a 0.89% increase in the last 24 hours.
The strong growth of the Bitcoin hash rate is not only a positive sign for miners but also shows that Bitcoin's appeal in the cryptocurrency market is growing!
