Bitcoin’s Hashrate Reaches All-Time High, Surging by 9.6% in One Week
On October 26, Bitcoin’s hashrate hit a new peak of 741 EH/s, marking a significant increase from just a week earlier when it was at 676 EH/s. This surge of over 65 EH/s in a short timeframe reflects a growth of more than 16% in the past month, rising from 638 EH/s on September 26.
Source: Hashrate Index
According to Hashrate Index data, Bitcoin’s computing power reached a new high of 741 EH/s on October 26, representing a 9.6% increase in just one week and a 16.6% surge in a month, adding over 103 EH/s since September 26. Additionally, YCharts data shows that Bitcoin’s hashrate value was at 727.66 million on October 25, up from 699.12 million the day before and significantly higher than the 455.08 million recorded a year earlier.
The rise in BTC’s hash rate has been attributed to the use of more advanced mining equipment and funding advantages, with the top U.S.-listed Bitcoin miners controlling nearly 30% of the global network hash rate. Research analyst Sam Wouters predicted back in March 2023 that Bitcoin could enter its Zettahash era by 2025 if the hash rate maintained its growth rate, and current levels align perfectly with his projections.
Bitcoin Mining Difficulty Continues to Climb
Coinwarz data shows that the current BTC mining difficulty stands at 95.67 trillion at block 867,462, representing a nearly 4% increase in just a week and a 17% spike in three months. The BTC network is approaching its next difficulty adjustment, estimated to occur in nine days with the difficulty expected to rise to 98.8 trillion.
Despite the escalating difficulty in Bitcoin mining, miners are still generating substantial revenue, with earnings surpassing $34 million as of October 25. This figure, however, is slightly lower than the $38.38 million recorded on October 20.
Bitcoin is currently trading at $67,240, maintaining an impressive six-week price rally with a 0.89% increase in the last 24 hours.