Bitcoin’s hash rate soars to a record-breaking 544 EH/s.
The hashrate of the Bitcoin (BTC) network achieved an all-time high of 544 exahashes per second (EH/s).
According to Blockchain.com, the hashrate reached its record level on December 25th. The network’s hashrate has doubled over the course of this year, experiencing a 130% increase since January.
It is worth noting that during the same period in which BTC’s hashrate rose, the price of the asset also followed suit, surging by more than 150% since January 1st, 2023.
Simultaneously, the hash price, which serves as a measure of profitability, has dropped in the past week as the enthusiasm for BRC-20 has waned. According to HashrateIndex, the current hash price stands at $0.09 per terahash per second per day. Profitability has decreased by 34% from its peak of $0.136 TH/s/day on December 17th, 2023.
Furthermore, on December 23rd, the Bitcoin mining difficulty set a new historical record. The indicator increased by 6.98% to 72.01 T, according to BTC.com. The previous high was recorded on November 26th when the difficulty reached 67.96 T. It is predicted that on January 5th, 2024, the difficulty of mining the leading cryptocurrency will increase by an additional 1.6% to 73.16 T.
The mining difficulty continues to grow as the price of Bitcoin rises. At the time of writing, the BTC rate is hovering around $42,700, as reported by CoinGecko. Over the past month, the asset has experienced a 13% price increase and has reached new highs not seen since April 2022. Several analysts also believe that Bitcoin will undergo a significant parabolic uptrend after the next halving event in April 2024.
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