On October 26, Bitcoin’s hashrate surged to a record-breaking 741 exahashes per second (EH/s), marking a significant milestone in the cryptocurrency’s network strength.
This achievement comes from a rapid increase from 676 EH/s recorded just a week prior, highlighting substantial network computing power growth. With a monthly increase of over 16% from September 26’s 638 EH/s level, Bitcoin appears to be edging closer to the anticipated Zettahash era.
The weekly surge in hashrate signals growing network power
Data from the Hashrate Index reveals that Bitcoin’s hashrate reached a new all-time high of 741 EH/s on October 26, representing a sharp 9.6% growth over a week. This latest peak also indicates a 16.6% increase over the past month, with the network adding 103 EH/s since late September. This rapid increase in computational power has raised the network’s resilience and security, making it more resistant to potential attacks.
Source: Hashrate Index
In a related observation, YCharts reported that Bitcoin’s hashrate on October 25 stood at 727.66 million, up from 699.12 million recorded the previous day. Compared to the same period last year, where it was at 455.08 million, this recent jump underscores the substantial growth in Bitcoin’s mining network over the past 12 months.
Advanced equipment and capital fueling hashrate growth
The recent surge in Bitcoin’s hashrate is largely attributed to advancements in mining hardware and the influx of capital from established mining entities. Using more efficient, high-performance mining equipment has allowed miners to generate higher hashrate outputs, boosting the network’s overall computing power. Additionally, publicly listed Bitcoin mining companies, particularly in the United States, have leveraged financial resources to scale operations, with the top U.S.-listed miners currently controlling close to 30% of the global hashrate.
Sam Wouters, a research analyst, previously predicted in March 2023 that Bitcoin could enter the Zettahash era by the end of 2025 based on the rapid hashrate growth observed. With the current hashrate levels closely following his projections, the network’s progression toward the one Zettahash milestone seems increasingly feasible within the next two years.
Mining difficulty and revenue amid rising hashrate
As Bitcoin’s hashrate reaches new highs, mining difficulty has also been adjusting upward. According to Coinwarz data, Bitcoin’s mining difficulty reached 95.67 trillion at block height 867,462, reflecting an almost 4% increase in just one week and a 17% rise over the past three months. The network is due for its next difficulty adjustment in approximately nine days, with projections suggesting it could climb to 98.8 trillion. Rising difficulty levels are expected to impact the profitability of Bitcoin mining, as greater difficulty means increased computational work is required to mine new blocks.
Despite escalating difficulty, Bitcoin miners continue to see considerable earnings from their operations. As of October 25, daily mining revenue for Bitcoin miners stood at over $34 million. However, this figure reflects a slight drop from the October 20 earnings of $38.38 million. This fluctuation in earnings can be attributed to factors such as Bitcoin’s market price and transaction fees generated on the network. Bitcoin is trading at approximately $67,240, sustaining an upward trend over the past six weeks with a modest 0.89% gain in the last 24 hours.