Bitcoin Miners Continue to Showcase Strength as Network Hashrate Reaches New High
The hashrate of Bitcoin has been steadily increasing, and on November 1, 2023, it reached a new peak. According to the seven-day simple moving average (SMA), the network’s hashrate hit a record-breaking 464 exahash per second (EH/s). Looking closer, the three-day SMA reveals an even higher total hashrate of 468 EH/s.
These achievements are particularly noteworthy considering that the network’s difficulty is currently at an unprecedented high of 62.46 trillion, a level that will remain until November 12. It is likely that the network’s difficulty will increase further given the current pace of block intervals, although this could change.
Rewards for Miners Increase as Bitcoin Valuation Rises
With the current valuation of BTC, miners are now earning a daily reward of $70.75 per petahash per second (PH/s), which is higher than the $60 to $59 per PH/s they were earning in mid-October. Around 43 different mining pools are contributing their SHA256 hashpower to the BTC blockchain.
Foundry USA and Antpool Lead in Hashrate Contribution
When examining three-day statistics, Foundry USA emerges as the dominant force with 130.66 EH/s, accounting for 28.11% of the entire network’s hashrate. Antpool follows closely behind with 27.25% of the total hashrate, equivalent to around 126.67 EH/s of hashpower. F2pool, Viabtc, and Binance Pool also contribute significantly to the network’s hashrate. The countdown to the next halving event is currently at just over 25,000 blocks left to mine.
Hot Take: Bitcoin Hashrate Reaches New Heights Amidst Stable Price
Despite the stability in Bitcoin’s price and the fixed network difficulty, the hashrate of the cryptocurrency has reached unprecedented levels. On November 1, Bitcoin achieved a record-breaking hashrate of 464 exahash per second (EH/s). This demonstrates the strength and resilience of Bitcoin miners who continue to contribute their computing power to secure the network. With the increasing valuation of BTC, miners are also experiencing higher rewards for their efforts. As the countdown to the next halving event continues, it will be interesting to see how these trends evolve in the coming months.
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