Based on the most recent data using the seven-day simple moving average (SMA), bitcoin’s hashrate climbed to an unprecedented peak on Nov. 21, reaching 776 exahash per second (EH/s) for the very first time.
Bitcoin’s Computational Power Hits Stratospheric Levels
On Thursday, bitcoin (BTC) soared to a fresh all-time high, hitting $99,121 per coin. This price boost has given miners a financial edge, as the hashprice—the estimated worth of 1 petahash per second (PH/s) of hashpower—has significantly increased. For instance, on Nov. 4, 2024, the value of a single petahash stood at $42.86, but today, it has climbed to $63.07.
Beyond the increase in revenue, the network’s computing power has hit an all-time peak. As of 8:30 p.m. Eastern Time on Nov. 21, the hashrate’s seven-day SMA reached 776.45 EH/s—a record-breaking level. Meanwhile, mining data from theblock.co reveals that bitcoin miners have raked in $778.13 million in total revenue, with $752.23 million coming from subsidies.
A total of 59 unique pools or entities are contributing computational power to Bitcoin’s proof-of-work (PoW) blockchain. This influx of revenue has encouraged more hashpower, speeding up block intervals to below the usual ten-minute average. Current data reveals the average block time is now nine minutes and two seconds. Over the past 500 blocks, this pattern suggests the difficulty level is set for a significant climb.
Projections indicate a potential 10.9% jump in difficulty could be on the horizon. At present, the difficulty is 102.29 trillion, and a leap of this size would crank up the pressure on miners. However, with trends leaning heavily bullish, those taking on the challenge might just see their efforts pay off in the long run. The interplay between bitcoin’s surging price and the record-breaking hashrate reflects a dynamic system where opportunity meets challenge.
While miners reap the rewards of increased revenue, the looming difficulty adjustment underscores the competitive intensity of the Bitcoin network. As these trends unfold, they exemplify the delicate balance of innovation and resilience that defines this decentralized ecosystem.