Bitcoin’s Hashrate Reaches New All-Time High
Recent data shows that Bitcoin’s hashrate has hit a new lifetime peak on December 20, 2023. The seven-day average indicates that the hashrate reached 527 exahash per second (EH/s), surpassing the previous high of 507 EH/s. Bitcoin’s total hashrate is now at a record-breaking level, contributing to shorter block intervals and potentially leading to an increase in mining difficulty. This rise in hashrate is also resulting in record earnings for bitcoin miners, with December already surpassing previous fee earnings. In addition, high priority transaction fees remain high, and there is a significant backlog of unprocessed transactions waiting for miners to clear.
New Record Achieved in Bitcoin’s Hashrate
According to Luxor’s hashrateindex.com seven-day SMA, Bitcoin’s total hashrate reached a new high of 527 EH/s on December 20, 2023. This milestone exceeds half a zettahash per second (ZH/s), equivalent to 527 quintillion hashes per second. Over the past 90 days, the average hashrate has been around 462 EH/s, with the most recent 2,016 blocks showing an average of 496.8 EH/s. The three-day SMA also peaked at 539 EH/s on Wednesday, indicating a notable increase in processing speed and potentially leading to shorter block intervals. These developments are expected to result in a rise in mining difficulty in the near future.
Bitcoin Miners’ Record Rewards and Dominant Mining Pools
Bitcoin miners are currently reaping record earnings as the network’s hashrate skyrockets. With 49 mining pools contributing to the BTC chain, Foundry USA has emerged as the leader in total hashrate, surpassing Antpool. Foundry USA now holds 164.24 EH/s, accounting for 31.76% of the total hashrate, while Antpool has 126.51 EH/s, or 24.46% of the total. Combined, these pools command over 56.22% of Bitcoin’s total hashrate. In terms of earnings, November saw miners collect a record $142 million in transaction fees, and December is already at a significant $202 million. Furthermore, the month’s total earnings from block subsidies and transfer fees have reached $953 million.
Bitcoin’s Mempool Backlog and Transaction Fees
Bitcoin’s high priority transaction fees remain above $15, and there are currently over 300,000 unconfirmed transactions waiting to be processed by miners. To clear the backlog, a total of 359 blocks need to be processed. The demand for processing transactions is indicative of the network’s increased activity and the growing importance of bitcoin’s blockchain. As Bitcoin’s hashrate continues to surge and push the boundaries, the mining industry is experiencing new heights and record-breaking rewards for miners.
Hot Take: Bitcoin’s Hashrate Achieves Unprecedented High
The latest data shows that Bitcoin’s hashrate has reached a new all-time high, surpassing the previous record. This surge in hashrate brings about significant implications for miners, including shorter block intervals and an anticipated rise in mining difficulty. Bitcoin miners are capitalizing on these developments with record earnings, already surpassing previous fee earnings for the year. Despite the backlog of unprocessed transactions and high transaction fees, the increasing hashrate signifies the growing importance and demand for Bitcoin’s blockchain. The achievements in Bitcoin mining are reflective of the industry’s continuous evolution and the continued growth of the cryptocurrency ecosystem.
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