The Bitcoin hash rate, a key indicator of the network’s security and efficiency, jumped to an all-time high (ATH) level of 791.62 million TH/s, according to Ycharts.
This new level also shows a remarkable 73.95% improvement on the particular metric from a year ago.
Key Hashrate Milestone
In the last few weeks, data from Ycharts shows that Bitcoin experienced a dramatic rise in its hash rate, with fluctuations between 574 million and 742 million in early October. The activity served as a precursor to the cryptocurrency finally going past the 791 million level, where it remains largely unchanged for the second day running.
The upturn, widely linked to the development of more advanced mining gear, comes in the wake of reports of the growing dominance of top U.S.-listed Bitcoin miners, who now control nearly 29% of the global network hash rate.
According to J.P. Morgan analysts, about 14 publicly-listed American BTC mining operations, such as Marathon Digital, CleanSpark, and IREn, have cemented their positions as major global players.
They attributed this rise to the efficiency and funding advantages of the public operators, which has allowed them to withstand market fluctuations and increase their mining activities.
While observers see the record hash rate as a sign of the Bitcoin network’s increasing security, it also means that the cost of mining one BTC is getting more expensive.
Bitcoin Difficulty and Revenue Updates
Additionally, the Bitcoin mining difficulty is inching towards a record high. As of block 866,682, it stands at 92.05 trillion, just a bit shy of the 92.7 trillion reached on September 11, 2024. That particular milestone came off the back of the Bitcoin hash rate briefly going past 700 EH/s earlier in the week.
The network is on the brink of its next difficulty adjustment, expected to occur on October 22, and is projected to raise the difficulty by at least 4.17% to 95.88 trillion.
Interestingly, despite the rising difficulty and hash rate, data shows that BTC miners are still benefiting from steady revenue streams. As of October 20, 2024, daily Bitcoin mining revenue stood at $38.38 million, a slight 1.17% dip from the previous day.
However, the markdown is much larger across one year, with the current level being 33.2% below where it was at the same time in 2023. This notwithstanding, given the block reward reduction resulting from the halving that occurred earlier in the year and the increase in difficulty, there are expectations that the industry could see a possible consolidation of smaller mining operations as it becomes harder for them to find valid blocks.
Meanwhile, the price of BTC hit a 3-month high over the weekend, briefly going past $69,000, which was about $4,000 away from a new ATH. Currently, the cryptocurrency is changing hands at $68,400, a 5.6% improvement over seven days.
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