Bitcoin Hashrate Surges to 703 EH/s: What This Means for the Network?

Glassnode Data Reveals Bitcoin Hashrate Surges Unprecedented 703 EH/s

The total amount of computing power required to mine and process transactions on a proof-of-work blockchain, like Bitcoin, is referred to as the hash rate. According to Glassnode data, the hash rate of the Bitcoin network has broken 700 EH/s for the first time, with the seven-day moving average of the hash rate reaching an all-time high of 703 EH/s. Since the April halving event, when the daily production of Bitcoin was reduced by half to 450 BTC, the hash rate of the cryptocurrency has increased by about 13%.

Bitcoin Mining Profitability Soars as Hash Price Surpasses $50 per PH/s

Sebastian Ski, a Bitcoin mining expert, reports that 12 of the biggest publicly traded miners contributed 28.9% of the September hash rate or more than 200 EH/s. Since October 2022, their share of the hash rate has increased by about 10% and is still growing month over month. Ski adds that during the last 12 months, the following have seen the largest increases in hash rate growth:

• CleanSpark (CLSK)
• MARA Holdings (MARA)
• Riot Platforms (RIOT)
• IREN

According to Glassnode data, the hash price of Bitcoin, which gauges mining profitability, recently surged beyond $50 per petahash per second (PH/s) for the first time since August. Bitcoin’s price spiked to $68,000, and the on-chain minting of the runes protocol, which accounted for more than half of all transaction fees on October 17, caused a minor boost in hash price.

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