As bitcoin fell below $55,000 this week, something interesting happened behind the scenes. On September 7, 2024, the network's computing power hit a new lifetime high. The seven-day simple moving average (SMA) for Bitcoin's total hashrate rose to 679 exahashes per second (EH/s) on Saturday, up slightly by 2 EH/s from the previous record set on July 25.
Bitcoin Hashrate Soars to 679 EH/s
According to Luxor's hashrateindex.com , Bitcoin's total hashrate hit an all-time high on Saturday, as seen by the seven-day simple moving average (SMA). At 12 p.m. ET on September 7, the hashrate hit an impressive 679.17 exahashes per second (EH/s), surpassing the previous record of 677 EH/s set on July 25—some 44 days ago.
At this rate, the network is only 67.9% away from the zettahash era, which equates to 1,000 EH/s. Adding in the hashrate milestone, the current computing power equates to 679 trillion hashes per second.
This achievement comes despite relatively low bitcoin revenue. In fact, the hash rate—the daily estimate of 1 petahash per second (PH/s)—has dropped below $40. As of today, hashrateindex.com shows the hash rate at $39.01 per PH/s per day.
This is one of the lowest levels recorded this year, with the lowest point falling below $37 in the first week of August. Regardless of the price, bitcoin mining requires relentless dedication, as shown by the recent hashrate performance.
The growth in computing power, even as profits decline, shows the determination needed to thrive in this harsh environment. Miners have had to push forward despite diminishing rewards, which has pushed the network to new heights. Bitcoin mining is a high-risk endeavor that requires both resilience and a long-term perspective in this ever-changing landscape.
What do you think about the latest all-time high in Bitcoin hashrate in general? Let us know your thoughts on the subject in the comments section below.
#binance #bitcoin #hashrate #btc $BTC $ETH $BNB
