Bitcoin Hashrate Hits Historic 500 EH/s Peak

On November 22, 2023, data revealed that Bitcoin’s hashrate, as calculated on a seven-day moving average, attained an unprecedented level of 500 exahash per second (EH/s), which is tantamount to about 0.5 zettahash per second (ZH/s). Additionally, with just over a week remaining until the end of November, bitcoin miners are on the brink of eclipsing the total earnings of October.

Bitcoin Shatters Records With 500 EH/s Hashrate

Record-breaking figures emerged for Bitcoin’s hashrate on Wednesday, as tracked by Luxor’s hashrateindex.com. The aggregate hashpower, based on the seven-day moving average, hit 500 EH/s at 7:00 p.m. Eastern Time. Not only is it half of a zettahash, this hashrate translates into a staggering 500 quintillion hashes every second. This achievement marks the first time in history that the hashrate has soared to such heights, with the three-day moving average showing a surge to a significant 526 EH/s.

Bitcoin’s network hashrate on November 22, 2023.

Bitcoin (BTC) miners have accumulated $861.07 million in revenue as of November, even though the month has not yet concluded. In the previous month of October, they amassed a total of $885.05 million, with fees contributing $20.96 million to this sum. In the ongoing month of November, the revenue from fees has already reached $113.52 million. This positions November as the second most lucrative month of 2023 in terms of fee-generated income alone.

Given that November is still in progress, it stands a strong chance of surpassing the record $125.92 million in fees collected last May. The miners’ revenue this month indicates that the daily value of a petahash per second (PH/s) soared to $96.36 on November 16. Recently, this figure has been consistently hovering between $82 and $85 for each PH/s produced per day over the past several days. In the last week, a total of 1,077 blocks were mined, with Antpool uncovering 297 of these and Foundry USA securing 294.

Since its first difficulty epoch at block height 2,016, Bitcoin’s hashrate has seen an astronomical rise. Initially, it was at 4.21 million hashes per second (H/s), or 4.21 megahash per second (MH/s), and has now surged to a colossal 500 EH/s. This growth represents an eleven trillion percent increase in H/s since January 27, 2009, spanning 5,412 days or almost 15 years. In the span of this year alone, Bitcoin’s hashrate has escalated by 238 EH/s.

What do you think about Bitcoin’s hashrate reaching 500 EH/s this week? Share your thoughts and opinions about this subject in the comments section below.