According to the latest network data, bitcoin's computing power reached an all-time high on October 10, 2024, reaching 698 exahashes per second (EH/s). This new record surpasses the previous high of 693 EH/s, set on September 8.
Bitcoin Hashrate Spikes to 698 EH/s as Miners Surge Ahead of Difficulty Adjustment
Following a price drop, a hashprice drop, and a 4.09% increase in network difficulty, bitcoin miners have successfully raised the network's total hashrate to an unprecedented level. As of 1 p.m. ET on Thursday, the seven-day simple moving average (SMA) on hashrateindex.com reported a rate of 698.94 EH/s. This achievement comes after the hashrate dropped to 625 EH/s on the last day of September.
This shows that 73 EH/s have been added to the network in the past ten days. In early September, the hashprice, the expected daily earnings for 1 petahash per second (PH/s), hit a low of $38.91 per PH/s. Since then, the earnings for 1 PH/s have increased by 11.75%, currently standing at $43.48 per PH/s.
With hashrate at record levels, block times have been faster, averaging around nine minutes and 36 seconds. Typically, this would result in a steeper difficulty adjustment, but current estimates point to a 5.9% reduction at press time. The next difficulty adjustment is scheduled for October 22, 2024, with around 1,800 blocks remaining until the retargeting.
What do you think about Bitcoin hashrate hitting an all-time high? Share your thoughts and opinions on the subject in the comments section below.
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