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Bitcoin hits record hashrate of 698 EH/s

Bitcoin hits record hashrate of 698 EH/s

GrafaGrafa2024/10/10 21:30
By:Mahathir Bayena

Bitcoin’s (CRYPTO:BTC) computational power reached an all-time high on October 10, 2024, hitting 698 exahash per second (EH/s). 

This milestone surpasses the previous record of 693 EH/s set in early September, despite a recent drop in bitcoin’s price and mining profitability. 

According to network data, the hashrate spiked to 698.94 EH/s by 1 p.m. EDT, reflecting a significant increase of 73 EH/s over the last ten days. 

This surge occurred following a period where the hashrate fell to 625 EH/s at the end of September. 

This development indicates that miners are pushing forward with higher computational power despite a 4.09% increase in network difficulty and challenges posed by reduced hashprice. 

The hashprice, which represents the projected daily earnings per petahash per second (PH/s), hit a low of $38.91 per PH/s earlier in September. 

However, the projected earnings have since climbed by 11.75%, reaching $43.48 per PH/s. 

This uptick in revenue has supported miners' efforts to enhance the overall network power. 

As the hashrate reaches record levels, the average block interval has shortened to around nine minutes and 36 seconds. 

According to current estimates, the next network difficulty adjustment is expected on October 22, 2024. 

Despite the increased mining activity, a 5.9% difficulty decrease is predicted, with approximately 1,800 blocks remaining before the adjustment occurs. 

At the time of writing, the Bitcoin price was $59,697.78.

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