Bitcoin’s Hashrate Reaches 692 EH/s, Nearing 700 EH/s Milestone

After breaking the July 25, 2024 record on Saturday, Sept. 7, Bitcoin’s hashrate has kept climbing, now reaching an impressive 692.28 exahash per second (EH/s) on Sept. 8, which is more than 13 EH/s above the previous level.

Bitcoin Smashes Another Hashrate Record, Climbing 66 EH/s in a Week

On Sunday, Sept. 8, 2024, Bitcoin’s total hashrate spiked to an impressive 692.28 EH/s, edging ever closer to the 700 EH/s milestone. This marks yet another all-time high for Bitcoin’s network this week. Throughout 2024, the network has experienced a significant boost in computational power, climbing from 393 EH/s to its current level.

Bitcoin’s hashrate according to Luxor’s hashrateindex.com on Sunday, Sept. 8, at 12:15 p.m. EDT.

This translates to an increase of more than 299 EH/s since Sept. 8, 2023, reflecting a 76.15% growth over the past year. Over the past week, the hashrate jumped by 66 EH/s, landing at the current 692.28 EH/s. This increase coincides with the network’s mining difficulty nearing its highest levels, while miner revenue has taken a steep drop.

Bitcoin’s total hashrate over the last 12 months, according to Luxor’s hashrateindex.com on Sunday, Sept. 8, at 12:15 p.m. EDT.

The hashprice, or the estimated value of 1 petahash per second (PH/s), has dropped below yesterday’s $39.01 per PH/s per day. As of Sunday, it sits at $38.55 per PH/s, according to Luxor’s hashrateindex.com. The steady climb in Bitcoin’s hashrate points to a deeper shift, reflecting the growing strength and persistence of the network.

The elevated computational power has resulted in quicker block intervals, averaging about 9 minutes and 28 seconds. This rapid pace is setting the stage for the upcoming difficulty adjustment on Sept. 10, with a projected increase of 5.48%. Should this estimate hold, the difficulty will break the previous all-time high set during the two-week epoch that began on July 31.

What do you think about Bitcoin’s network hashrate nearing the 700 EH/s zone? Share your thoughts and opinions about this subject in the comments section below.

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