Bitcoin is setting new records this week on two fronts: its hashrate and its price. On December 15, 2024, the Bitcoin hashrate, aka the network’s computing power, soared to a record high of 801 exahashes per second (EH/s), marking a new all-time high.
This rise in Bitcoin’s hashrate comes at a time when the cryptocurrency’s price continues to increase, comfortably staying above $100,000. As of writing, Bitcoin is priced at $104,055.91, after hitting a new all-time high of $106,450 today during earlier Asian trading hours.
As per Blockchain explorer data, the current Bitcoin hashrate is currently hovering around 801.448 EH/s, coinciding gains in BTC price.
As Bitcoin flirts with its all-time price high, the network’s performance is reflecting the increased activity and interest in the digital asset.
Just a year ago, Bitcoin’s hashrate was at 506 EH/s, meaning it has grown by an astonishing 293 EH/s over the past 12 months. To put this into perspective, today’s most powerful mining machines can achieve 473 terahashes per second (TH/s), which is a fraction of an EH/s (0.000473).
The network is now buzzing at 799 EH/s, processing 800 quintillion hashes per second. It is one of the most secure and efficient blockchain networks in the world. This growth in hashrate is also speeding up the time it takes to mine blocks. The average block time is now 9 minutes and 34 seconds, faster than the expected 10-minute interval.
As a consequence, the difficulty adjustment is expected today, which will increase by 4.4%. It will be even more difficult for miners to find new blocks and will add more competition in the mining space.
At present, the Bitcoin market cap is $2.05 trillion, and in terms of 24-hour trading volumes, it stands at around $66.9 billion market speaks for itself by being very vibrant and lively.
Also Read: MicroStrategy’s Saylor Teases First Bitcoin Buy Over $100K
