tl;dr
Bitcoin's seven-day hashrate reached an all-time high of 659 exahashes per second, marking a 13.6% increase from its post-halving low. The surge in network hashrate means increased competition for miners. This growth could indicate the activation of more powerful hardware, leading to a hefty upward ...
Bitcoin's seven-day hashrate has hit an all-time high of 659 exahashes per second, marking a 13.6% increase from its post-halving low. This surge indicates increased competition for miners and could lead to a hefty upward difficulty adjustment in about 8 days. The current hashprice is $53 per petahash per second per day, having fallen 46% since the beginning of the year.
On May 29, Luxor Technology’s HashRateIndex reported that Bitcoin’s seven-day hashrate had hit an all-time high of 659 exahashes per second (EH/s), representing a 13.6% increase from its post-halving low of 580 EH/s. The surge in network hashrate means more challenges for Bitcoin miners as each block becomes harder and more competitive to mine. However, high hashrates also ensure strong network security for the Bitcoin blockchain.
HashRateIndex explained that the hashrate growth could indicate that public Bitcoin miners are ramping up their ASIC orders, adding more powerful hardware to the competition. The platform estimates a forthcoming 5.97% difficulty adjustment, which will impact miners. If Bitcoin’s price stays steady, the next adjustment will likely drive hashprice back below $50 per petahash per second per day. Hashprice, currently at $53, has fallen 46% since the beginning of the year, reflecting the diminishing mining profits amid increasing competition, energy costs, and network hashrates.
Hashprice surged to $400 per petahash per second per day during the 2021 peak but has since slumped 87%. Large mining companies are seeking cheaper energy in countries in Africa and Scandinavia to cope with the challenging mining landscape.
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