Key Points
- Bitcoin’s computation power hits a record high with a seven-day moving average hashrate of 703 EH/s.
- Publicly-listed Bitcoin miners significantly contribute to this hashrate growth, accounting for over 200 EH/s.
Bitcoin’s computation power has reached an all-time high. The seven-day moving average of Bitcoin’s network hashrate has hit 703 exahashes per second (EH/s), marking the first time it has crossed the 700 EH/s threshold. This data comes from the latest figures from Glassnode.
The hashrate, a measure of the total computing force used to mine Bitcoin and process transactions, has grown by nearly 13% since the April halving event. This event cut Bitcoin’s daily production from 900 to 450 BTC, tightening supply and likely influencing price increases.
Public Miners Drive Hashrate Growth
According to mining analyst Sebastian Ski, publicly-listed Bitcoin miners have significantly contributed to this hashrate growth. As of September, these miners make up 28.9% of the network’s total hashrate, accounting for over 200 EH/s. Their market share has risen by nearly 10% since October of the previous year.
Ski noted that these publicly listed entities are progressively capturing market share from other global miners. Among them, CleanSpark, MARA Holdings, Riot Platforms, and IREN have recorded the most substantial growth in hashrate over the past year. This is consistent with data showing consistent month-over-month production growth for these miners as of September.
Bitcoin mining remains a highly competitive and capital-intensive industry. With block rewards halving approximately every four years, the operational stakes intensify. Miners with less economic or energy efficiency often have to stop operations. This natural attrition benefits miners with lower energy costs or more robust financial backing.
Moreover, Bitcoin’s hashprice, a measure of mining profitability, recently climbed to $50 per petahash per second (PH/s). Glassnode reports that this increase coincided with Bitcoin’s price reaching $68,000 and a surge in transaction fees partly due to on-chain activities related to the minting of runes protocol, which accounted for over 50% of all transaction fees on October 17.
Bitcoin Difficulty Expected to Rise by 4%
As Bitcoin’s hashrate reaches these historic highs, the network is set for a difficulty adjustment, expected to increase by over 4% on October 23. Difficulty adjustments, which occur every 2016 blocks, help maintain a consistent block discovery rate of roughly every 10 minutes despite fluctuating network power.
The rising hashrate strengthens both the security and efficiency of Bitcoin transactions. It also highlights the increasing role of publicly-listed miners in the blockchain space. As these miners improve their technology and operations, they are likely to shape the future of Bitcoin mining, potentially impacting market trends and operational methods.
