Bitcoin Hashrate Hits Record 769.8 EH/s Despite Declining Mining Profitability
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
The Bitcoin network’s hashrate, a critical indicator of its security and computing power, reached a new all-time high of 769.8 exahashes per second (EH/s) on October 21.
The surge in hashrate reflects the increasing security of the Bitcoin blockchain, as higher computing power makes the network more resistant to attacks.
Data from BitInfoCharts shows that the Bitcoin hashrate has been steadily climbing since 2021, largely driven by advancements in mining hardware, particularly the development of application-specific integrated circuits (ASICs).
These specialized machines have significantly boosted the efficiency and power of Bitcoin mining operations.
However, the rising hashrate comes with challenges for miners.
As the computational difficulty of mining Bitcoin increases, so does the cost of mining.
This could particularly impact smaller mining operations due to the Bitcoin halving, which reduced block rewards, further squeezing profit margins.
JUST IN: #Bitcoin Hashrate hits a NEW ALL-TIME HIGH
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