Following a decline in price, a drop in hashprice, and a 4.09% increase in network difficulty, bitcoin miners successfully elevated the network’s total hashrate to unprecedented levels. As of 1 p.m. EDT on Thursday, hashrateindex.com’s seven-day simple moving average (SMA) reported a rate of 698.94 EH/s. This achievement comes after the hashrate dropped to 625 EH/s on the final day of September.

Bitcoin’s hashrate skyrocketed to a lifetime peak of 698.94 EH/s on Thursday.

This indicates that 73 EH/s has been added to the network over the past ten days. At the start of September, hashprice, the projected daily earnings for 1 petahash per second (PH/s), hit a low of $38.91 per PH/s. Since then, revenue for 1 PH/s has risen by 11.75%, now standing at $43.48 per PH/s.

With the hashrate at record levels, block intervals have quickened, averaging around nine minutes and 36 seconds. Typically, this would result in a higher difficulty adjustment, but current estimates suggest a 5.9% decrease at press time. The next difficulty adjustment is expected on Oct. 22, 2024, with approximately 1,800 blocks remaining until the retargeting.