On May 29, Luxor Technology’s HashRateIndex reported that Bitcoin’s seven-day hashrate hit an all-time high of 659 exahashes per second (EH/s), a 13.6% increase from its post-halving low of 580 EH/s.
Bitinfocharts also noted a record average network hashrate of 732 EH/s over the weekend.
This increase in network power makes mining more competitive and difficult, but it also enhances Bitcoin’s security. HashRateIndex suggested that the growth might be due to public Bitcoin miners activating their ASIC orders, adding more powerful hardware to the network.
The average block time is now 9 minutes and 26 seconds. Public miners have ordered 76.6 EH/s worth of equipment for 2024, with significant deliveries expected in Q1 and Q2. A difficulty adjustment of +5.97% is predicted in about 8 days, further increasing mining challenges.
Network difficulty, currently at 84.38T, is expected to rise from its earlier peak of 88.1T. Hashprice, the earnings from a specific hash rate, has dropped to $53 per petahash per second per day, down 46% since the start of the year, and 87% from the 2021 peak of $400/PH/s/day.
This decline has pushed large mining companies to seek cheaper energy sources in Africa and Scandinavia.
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