Bitcoin hashrate hits all-time high, boosting network security
The Bitcoin hashrate has hit a new all-time high, boosting the security of the world’s first blockchain network, but it could lead to miner consolidation.
The Bitcoin hashrate has reached a new all-time high, showcasing the growing security of the world’s first blockchain network.
The Bitcoin network hashrate — the total computing power securing the Bitcoin network — reached an all-time high of 769.8 exahashes per second (EH/s) on Oct. 21.
The hashrate has been in a steady uptrend since 2021, BitInfoCharts data shows. The hashrate’s escalation is widely correlated with developments in mining hardware like application-specific integrated circuits (ASICs).
While the Bitcoin hashrate is a sign of the network’s increasing security, it also means that the cost to mine Bitcoin (BTC) is increasing.
Paired with the block reward reduction from the 2024 Bitcoin halving, the rising hashrate could lead to miner consolidation among smaller firms.
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