Bitcoin’s hash rate, a key indicator of network security and efficiency, jumped to an all-time high (ATH) of 791.62 million TH/s, according to Ycharts.
This new level also shows a remarkable 73.95% improvement over the particular metric from a year ago.
Hashrate key milestone
In recent weeks, data from Ycharts shows that Bitcoin experienced a dramatic increase in its hash rate, fluctuating between 574 and 742 million in early October. The activity served as a precursor to the cryptocurrency eventually breaking above the 791 million level, where it remains virtually unchanged for the second day in a row.
Bitcoin Hash Rate. Source: Ycharts
The uptick, closely tied to the development of more advanced mining equipment, comes on the heels of reports of the growing dominance of the top US-listed Bitcoin miners, who now control nearly 29% of the global network’s hashrate.
According to JP Morgan analysts, some 14 US publicly traded BTC mining operations, including Marathon Digital, CleanSpark and IREn, have consolidated their positions as major global players.
They attributed this increase to the efficiency and funding advantages of public operators, which has allowed them to withstand market fluctuations and increase their mining activities.
While observers see the record hash rate as a sign of the increasing security of the Bitcoin network, it also means that the cost of mining a BTC is getting more expensive.
Bitcoin Difficulty and Income Updates
Also, Bitcoin mining difficulty is progressing towards an all-time high. As of block 866,682, it stands at 92.05 trillion, down slightly from the 92.7 trillion reached on September 11, 2024. This particular milestone came after Bitcoin’s hash rate surpassed briefly the 700 EH/sa at the beginning of the week.
The network is on the verge of its next difficulty adjustment, which is expected to occur on October 22nd, and is expected to increase the difficulty by at least 4.17% to 95.88 trillion.
Interestingly, despite the increased difficulty and hash rate, the data shows that BTC miners still benefit from steady income streams. On October 20, 2024, the daily Bitcoin mining revenue was $38.38 million, a slight decrease of 1.17% from the previous day.
However, the reduction is much larger over the course of a year, with the current level 33.2% below where it was at the same time in 2023. However, given the reduced block reward as a result of the halving that occurred at the beginning of the year and the increase. struggling, there are expectations that the industry could see a possible consolidation of smaller mining operations as they find it harder to find valid blocks.
Meanwhile, BTC price hit a 3-month high over the weekend, briefly breaking above $69,000, which was about $4,000 away from a new ATH. The cryptocurrency is currently changing hands at $68,400, an improvement of 5.6% over seven days.
SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).
2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!