Record-Breaking Bitcoin Hasrate in 2024
Bitcoin’s hashrate has reached a new all-time high in the first week of 2024, hitting 549 exahash per second (EH/s) on January 6. This surpasses the previous record of 546 EH/s set on Christmas Day, December 25, 2023. To put this in perspective, 549 EH/s is equivalent to 549 quintillion hashes per second (H/s) or 0.549 zettahash per second (ZH/s). One zettahash represents 1,000 EH/s or 1,000,000 petahash per second (PH/s).
Contributing Mining Pools and Superior Highs
Currently, 50 mining pools are actively contributing to the Bitcoin network. Foundry USA is leading with 26.93% of the hashrate, delivering 141.59 EH/s. Antpool follows closely with 139.13 EH/s and secures 26.46% of the overall hashrate. Other significant mining pools include F2pool, Viabtc, Binance Pool, and Marathon’s Mara Pool. Despite the current hashrate being slightly lower than the high on December 25, there have been previous superior highs recorded on that date, reaching 580 EH/s.
Rise in Hashrate and Difficulty Increase
The recent rise in hashrate coincides with a dip in the hash price per petahash per second (PH/s) value and a 1.65% increase in difficulty. This increase in difficulty may result in a potential decrease in the hashrate in the future. Block intervals have been slower than the expected 10-minute average, ranging from 10 minutes and 32 seconds to 10 minutes and 55 seconds. The next retarget is scheduled for January 19, 2024, with less than 1,800 blocks left until then.
Hot Take: Bitcoin’s Hashrate Sets New Records Amid Mining Dominance and Challenges
Bitcoin’s hashrate achieved a historic high, highlighting the dominance of major mining pools such as Foundry USA and Antpool. Despite the potential challenges of a dip in the hash price and an increase in difficulty, the overall trend remains positive. The continuous growth in hashrate demonstrates the resilience and strength of the Bitcoin network, paving the way for further innovation and adoption in the cryptocurrency realm.
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