Bitcoin Smashes Another Hashrate Record, Climbing 66 EH/s in a Week

After breaking the July 25, 2024 record on Saturday, Sept. 7, Bitcoin's hashrate has kept climbing, now reaching an impressive 692.28 exahash per second (EH/s) on Sept. 8

Bitcoin’s hashrate continues to soar, reaching 692.28 EH/s on Sunday, Sept. 8, 2024, according to data from Coinwarz. This marks a new all-time high for the network’s computational power.

The hashrate, which measures the total amount of computing power dedicated to the Bitcoin network, has seen a significant boost in 2024, climbing from 393 EH/s at the beginning of the year. This translates to an increase of more than 299 EH/s, or 76.15%, over the past year.

Over the past week, the hashrate has also seen a substantial jump, rising by 66 EH/s to reach its current level of 692.28 EH/s. This increase coincides with the network’s mining difficulty approaching its highest levels and a steep decline in miner revenue.

The hashprice, which represents the estimated value of 1 petahash per second (PH/s), has also dropped from yesterday’s reading of $39.01 per PH/s per day. As of Sunday, the hashprice stands at $38.55 per PH/s, according to Luxor’s hashrateindex.com.

The sustained increase in Bitcoin’s hashrate is part of a broader shift, indicating the growing strength and resilience of the network. The higher computational power has resulted in quicker block intervals, currently averaging about 9 minutes and 28 seconds.

This rapid pace is setting the stage for the upcoming difficulty adjustment, which is expected to take place on Sept. 10. The adjustment is currently estimated to increase the difficulty by 5.48%.

If this estimate holds, the difficulty will reach a new all-time high, surpassing the previous record set during the two-week epoch that began on July 31.

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