Bitcoin hashrate hits all-time high, Enhancing Network Security

The Bitcoin network has achieved a new record for its hashrate, underscoring the increasing strength and security of the world’s pioneering blockchain system.

On October 21, the total computing power securing the Bitcoin blockchain — known as the network hashrate — surged to an unprecedented 769.8 exahashes per second (EH/s).

Data from BitInfoCharts indicates that this steady rise in hashrate has been ongoing since 2021. This trend is often linked to advancements in mining technology, particularly the development of more powerful application-specific integrated circuits (ASICs).

Though the higher hashrate bolsters the security of the Bitcoin network, it also drives up the costs associated with mining a single Bitcoin.

With the upcoming Bitcoin halving event in 2024, which will reduce block rewards, the combination of increasing hashrate and reduced rewards may push smaller mining operations toward consolidation.

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