Bitcoin Breaks Through Obstacles And Establishes A New Record!
Recently, the Bitcoin network achieved an all-time high hashrate of 698 exahashes per second (EH/s), marking a historic milestone! On October 10, 2024, this remarkable milestone was accomplished in spite of persistent market difficulties.
Bitcoin: new Hashrate record at 698 EH/S despite market challenges
The price and hashprice of Bitcoin decreased, and network difficulty increased by 4.09%, but miners still managed to push the total hashrate to previously unheard-of heights. The seven-day average hashrate peaked at 698.94 EH/s on October 10, 2024, having dropped as low as 625 EH/s at the end of September. This 73 EH/s improvement in ten days is indicative of the miners’ incredible resiliency.
For miners who, in spite of everything, keep spending a lot of money on more potent and effective mining equipment, this astounding hashrate increase occurs in an especially difficult environment. This tenacity indicates miners’ faith in Bitcoin’s long-term prospects.
Important implications for the ecosystem
Higher hashrates might make mining harder, requiring miners to answer trickier math problems in order to add new blocks to the blockchain. While this may lower the profit margins of miners, it also makes the Bitcoin network more secure.
Moreover, the energy market may be affected by this increase in hashrate. Since mining bitcoins requires a lot of energy, a higher hashrate translates into higher energy use. This calls into doubt the environmental sustainability of Bitcoin mining, a subject that academics and policymakers frequently discuss.
In summary, the network’s resiliency and robustness are demonstrated by the new Bitcoin hashrate record of 698 EH/s. Miners keep up their support and security of the network in spite of market difficulties, which boosts faith in Bitcoin’s future.
