Bitcoin’s Hashrate Hits Historic 527 EH/s Lifetime Peak, Shattering Previous Records

Recent data, analyzing the seven-day average of Bitcoin’s hashrate, reveals yet another lifetime peak in the network’s performance. On Dec. 20, 2023, Bitcoin’s hashrate climbed to an unprecedented high. The seven-day simple moving average (SMA) indicates that the hashrate hit 527 exahash per second (EH/s), surpassing the former high of 507 EH/s recorded on Dec. 16.

Bitcoin Miners Reap Record Rewards as Hashrate Skyrockets to 527 EH/s

On Wednesday, Dec. 20, 2023, Bitcoin’s total hashrate soared to a new record, as reported by Luxor’s hashrateindex.com seven-day SMA. The hashrate currently stands at 527 EH/s, surpassing half a zettahash per second (ZH/s), which translates to 527 quintillion hashes every second. Over the last 90 days, the average hashrate hovered around 462 EH/s, with the most recent 2,016 blocks showing an average of 496.8 EH/s.

Luxor’s data also reveals that the three-day SMA saw the hashrate peak at 539 EH/s on Wednesday. With block times currently ranging between 8 minutes and 47 seconds to 9 minutes and 31 seconds, the processing is faster than the standard 10-minute average. This increase in hashrate is contributing to shorter block intervals and is likely to lead to a rise in mining difficulty, with projections indicating a 3.11% to 5.2% increase. The next adjustment in Bitcoin’s difficulty is set for Dec. 23, 2023.

At present, about 49 mining pools are contributing to the BTC chain, with Foundry USA leading over the past three days. Overtaking Antpool, Foundry USA now boasts 164.24 EH/s, accounting for 31.76% of the total hashrate. Meanwhile, Antpool, previously the leader in hashrate, now holds 126.51 EH/s, or 24.46% of the total. Combined, these two pools command over 56.22% of Bitcoin’s total hashrate as of Dec. 20, 2023. This December, bitcoin miners have already surpassed previous records in fee earnings for the year.

In November, bitcoin (BTC) transaction fees brought in a record $142 million for miners, but December has already seen them collect a significant $202 million. Moreover, this month’s total earnings from block subsidies and transfer fees have reached $953 million. High priority transaction fees remain over $15, and there are currently over 300,000 unconfirmed transactions waiting to be processed by miners. To clear the existing mempool backlog, a total of 359 blocks are required.

What do you think about the Bitcoin network reaching a lifetime peak in terms of hashrate? Let us know what you think about this subject in the comments section below.