After breaking the July 25, 2024 record on Saturday, September 7, Bitcoin's hashrate continues to rise and now stands at an impressive 692.28 exahashes per second (EH/s) on September 8, 13 EH/s higher than the previous level.
Bitcoin Breaks New Hashrate Record, Gains 66 EH/s in a Week
On Sunday, September 8, 2024, Bitcoin's total hashrate spiked to an impressive 692.28 EH/s, edging closer to the 700 EH/s mark. This marks another all-time high for the Bitcoin network this week. Throughout 2024, the network has seen a significant increase in computing power, rising from 393 EH/s to its current level.
This represents an increase of over 299 EH/s since September 8, 2023, reflecting a 76.15% growth over the past year. Over the past week, the hashrate has increased by 66 EH/s, reaching a current level of 692.28 EH/s. This increase coincides with the network's mining difficulty approaching its peak, while miner revenue has plummeted.
Hashprice, or the estimated value of 1 petahash per second (PH/s), has fallen below yesterday's $39.01 per PH/s per day. As of Sunday, it was at $38.55 per PH/s, according to Luxor's hashrateindex.com. The steady rise in Bitcoin's hashrate points to a deeper shift, reflecting the network's growing strength and resilience.
The increased computing power has resulted in faster block times, averaging around 9 minutes and 28 seconds. This rapid pace is setting the stage for the upcoming difficulty adjustment on September 10, with an expected increase of 5.48%. If this estimate holds, the difficulty will break the previous all-time high set during the two-week era that began on July 31.
What do you think about Bitcoin network hashrate approaching the 700 EH/s region? Share your thoughts and opinions on this topic in the comments section below.
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