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min reading ▪ by
Eddy S.
The Bitcoin network recently reached a historic milestone by reaching a hashrate of 698 exahashes per second (EH/s), an absolute record! This impressive milestone was achieved on October 10, 2024, despite continued market challenges.
Bitcoin: new Hashrate record at 698 EH/S despite market challenges
Despite a drop in BTC price and hashprice, as well as a 4.09% increase in network difficulty, Bitcoin miners managed to increase the total hashrate to unprecedented levels. On October 10, 2024, the seven-day average hashrate reached 698.94 EH/s, after falling to 625 EH/s in late September. This increase of 73 EH/s in ten days reflects the remarkable resilience of miners.
This spectacular increase in hashrate occurs in a particularly difficult context for miners who, despite everything, continue to invest massively in more powerful and more efficient mining equipment. This resilience demonstrates miners’ confidence in the long-term potential of bitcoin.
Important implications for the ecosystem
A higher hashrate can lead to an increase in mining difficulty, meaning miners must solve more complex math problems to add new blocks to the blockchain. This can potentially reduce miners’ profit margins, but it also increases the security of the Bitcoin network.
In addition, this increase in hashrate could have repercussions on the energy market. Bitcoin mining is an energy-intensive activity, and an increase in hashrate means increased energy consumption. This raises questions about the environmental sustainability of BTC mining, a recurring topic of debate among experts and regulators.
In short, Bitcoin’s new hashrate record of 698 EH/s is proof of the robustness and resilience of the network. Despite market challenges, miners continue to support and secure the network, building confidence in the future of BTC. However, this growth also poses important questions about the energy sustainability and environmental impact of Bitcoin mining.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
