Bitcoin’s Hashrate Reaches All-Time High, Surpassing 776 EH/s
Bitcoin’s computational power has surged to unprecedented levels, with the hashrate hitting a record-breaking peak on November 21. According to the latest data using the seven-day simple moving average (SMA), the hashrate climbed to an astounding 776 exahash per second (EH/s) for the first time in history.
This surge in computational power comes as Bitcoin soared to a fresh all-time high of $99,121 per coin on Thursday. The increase in price has not only boosted miners’ financial edge but has also significantly raised the hashprice—the estimated value of 1 petahash per second (PH/s) of hashpower. For example, the value of a single petahash has jumped from $42.86 on November 4, 2024, to $63.07 today.
With the network’s computing power hitting an all-time peak, Bitcoin miners have seen a substantial increase in revenue. As of November 21, the hashrate’s seven-day SMA stood at 776.45 EH/s, a new milestone. Mining data from theblock.co indicates that miners have earned a total revenue of $778.13 million, with $752.23 million coming from subsidies.
Currently, 59 unique pools or entities contribute computational power to Bitcoin’s proof-of-work (PoW) blockchain. The influx of revenue has led to more hashpower being added to the network, resulting in block intervals dropping below the usual ten-minute average. The current average block time is now nine minutes and two seconds, suggesting a significant increase in difficulty level over the next 500 blocks.
Projections indicate a potential 10.9% rise in difficulty, which currently stands at 102.29 trillion. While this adjustment may pose challenges for miners, the bullish trends in Bitcoin’s price and hashrate suggest that those willing to take on the challenge could see long-term rewards. The interplay between price surges and record-breaking hashrates highlights the dynamic nature of the Bitcoin network, where opportunities and challenges coexist.
As miners enjoy increased revenue, the impending difficulty adjustment underscores the competitive nature of the Bitcoin ecosystem. These evolving trends showcase the balance of innovation and resilience within this decentralized network.