According to the latest data using the 7-day simple moving average (SMA), Bitcoin's hash rate surged to an unprecedented peak on November 21, reaching 776 exahash (EH/s) per second for the first time.
Bitcoin's computing power has reached stratospheric levels.
On Thursday, Bitcoin (BTC) soared to an all-time high of $99,121 per coin. This price surge has provided financial advantages for miners, as the hash price (the estimated value of hash power at 1 petahash (PH/s) per second) has significantly increased. For example, on November 4, 2024, the value of a single petahash was $42.86, but today it has risen to $63.07.
In addition to the increase in revenue, the network's computing power has also reached an all-time high. As of 8:30 PM Eastern Time on November 21, the 7-day SMA of hash rate reached 776.45 EH/s, setting a new record. Meanwhile, mining data from theblock.co shows that the total revenue for Bitcoin miners was $778.13 million, of which $752.23 million came from subsidies.
A total of 59 unique mining pools or entities are contributing computing power to Bitcoin's proof of work (PoW) blockchain. This influx of revenue encourages more hash power, accelerating block intervals to below the usual average of 10 minutes. Current data shows that the average block time is now 9 minutes and 2 seconds. This pattern over the past 500 blocks indicates that the difficulty level has been set for a significant rise.
Forecasts indicate that difficulty may soon increase by 10.9%. Currently, the difficulty is 1.0229 trillion, and such a leap in scale will increase pressure on miners. However, as the trend is significantly bullish, those who accept the challenge may see their efforts rewarded in the long run. The interaction between the soaring Bitcoin price and record-breaking hash rate reflects a dynamic system where opportunity meets challenge.
While miners are benefitting from increased revenue, the impending difficulty adjustment highlights the competitive intensity of the Bitcoin network. As these trends unfold, they embody the delicate balance of innovation and resilience that defines this decentralized ecosystem.
