The Bitcoin hash rate has reached an all-time high of 791.62 million TH/s, marking a significant 73.95% improvement from a year ago. This milestone is a clear indicator of the network’s security and efficiency, showcasing the increasing interest and investment in Bitcoin mining.
In recent weeks, Bitcoin has experienced a surge in its hash rate, fluctuating between 574 million and 742 million before finally surpassing the 791 million mark. This growth has been attributed to the development of more advanced mining equipment, with top U.S.-listed Bitcoin miners now controlling nearly 29% of the global network hash rate.
Publicly-listed American BTC mining operations like Marathon Digital, CleanSpark, and IREn have emerged as major players in the industry, leveraging their efficiency and funding advantages to expand their mining activities. This rise in hash rate not only enhances the network’s security but also increases the cost of mining one BTC.
Furthermore, the Bitcoin mining difficulty is approaching a record high, currently standing at 92.05 trillion. The network is poised for its next difficulty adjustment on October 22, expected to raise the difficulty to at least 95.88 trillion. Despite the rising difficulty and hash rate, BTC miners continue to generate steady revenue, with daily mining revenue reaching $38.38 million as of October 20, 2024.
However, this revenue is 33.2% lower compared to the same time last year, highlighting the challenges faced by smaller mining operations. As the industry becomes more competitive and block rewards decrease, there is a possibility of consolidation among smaller miners.
On the price front, BTC reached a 3-month high over the weekend, briefly surpassing $69,000. Currently trading at $68,400, the cryptocurrency has seen a 5.6% improvement over the past seven days. This price surge, coupled with the record hash rate and mining difficulty, underscores the growing interest and investment in Bitcoin mining.
Overall, the Bitcoin network’s performance and market trends indicate a promising future for the cryptocurrency, with advancements in mining technology and increasing network security driving its growth.