Bitcoin’s Hashrate Reaches New All-Time High
As the price of bitcoin experienced a slight dip below $55K this week, an interesting development took place in the background. On Sept. 7, 2024, the network’s computational power reached a new lifetime high. The seven-day simple moving average (SMA) for Bitcoin’s total hashrate surged to 679 exahash per second (EH/s) on Saturday, marking a slight increase of 2 EH/s over the previous record set on July 25.
According to data from Luxor’s hashrateindex.com, Bitcoin’s total hashrate reached an all-time high on Saturday, as indicated by the seven-day simple moving average (SMA). At 12 p.m. EDT on Sept. 7, the hashrate peaked at an impressive 679.17 exahash per second (EH/s), surpassing the previous record of 677 EH/s set about 44 days ago on July 25.
This significant milestone brings the network closer to the zettahash era, which equates to 1,000 EH/s. The current level of computational power translates to a staggering 679 quintillion hashes per second.
Despite the relatively low bitcoin revenues, with the hashprice falling below $40, miners have continued to push forward. The hashprice, which estimates the daily value for 1 petahash per second (PH/s), is currently at $39.01 per PH/s per day. This is one of the lowest levels seen this year, with the lowest point dropping below $37 in early August. Nevertheless, the recent achievement in hashrate highlights the unwavering dedication of miners in the face of diminishing profits.
The growth in computational power, amidst declining profits, underscores the resilience and long-term vision required to succeed in the competitive landscape of bitcoin mining. Miners must persevere despite the challenges, driving the network to new heights. Mining bitcoin remains a high-stakes endeavor that demands unwavering commitment and strategic foresight.
The latest all-time high in overall Bitcoin hashrate showcases the resilience and determination of miners in the face of evolving market conditions. What are your thoughts on this significant achievement? Share your opinions in the comments section below.
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