Bitcoin’s total hashrate hits a record 679 EH/s despite declining revenues and hashprice. Learn about the latest milestone and its impact on the mining industry.
Bollywood Fever: Bitcoin’s network achieved a new milestone on September 7, 2024, as its computational power, or hashrate, hit an all-time high. The seven-day simple moving average (SMA) for Bitcoin’s total hashrate surged to 679 exahash per second (EH/s), surpassing the previous record of 677 EH/s set on July 25, according to data from Luxor’s hashrateindex.com.
Hashrate Soars Amid Bitcoin Price Dip
This new hashrate record was set during a week when Bitcoin’s price dipped below $55K, showcasing the network’s resilience despite lower mining profits. At 12 p.m. EDT on Sept. 7, Bitcoin’s hashrate clocked in at an impressive 679.17 EH/s, pushing the network closer to the “zettahash era,” which would equate to 1,000 EH/s. Currently, Bitcoin’s network is just 67.9% away from this significant milestone.
To put this achievement into perspective, the current level of computational power equals 679 quintillion hashes per second. However, despite this massive surge in computational power, mining profitability has taken a hit.
Declining Mining Profits and the Resilience of Miners
As of today, Bitcoin’s hashprice—a measure of the daily value for 1 petahash per second (PH/s)—stands at $39.01 per PH/s per day, among the lowest levels seen this year. In August, hashprice briefly dipped below $37, marking one of the toughest periods for miners.
The rise in computational power, even as profits shrink, highlights the long-term commitment and resilience of Bitcoin miners. Despite the economic challenges, miners are continuing to push the network to new heights, showing the dedication required in an industry marked by fluctuating revenues and a rapidly evolving landscape.
What’s Next for Bitcoin Mining?
Bitcoin’s growing hashrate signals the network’s robustness but also underscores the increasing difficulty of mining profitably. As miners adapt to declining revenues and hashprice volatility, the future of Bitcoin mining will likely demand even more efficient operations and a long-term vision.
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