Bitcoin Hashrate Inches Closer to Record as Difficulty Rise Looms

Bitcoin’s hashrate has been climbing steadily, closing in on its peak of 693 exahash per second (EH/s) recorded on Sept. 8. At present, it’s cruising just shy of that record, clocking in at 680 EH/s. Block times have been quicker than the typical ten-minute average, and as we approach Oct. 9, the network’s difficulty is set to increase by 3.22%.

Bitcoin’s Hashrate Growth Continues

As of Oct. 7, 2024, Bitcoin’s hashrate, based on the seven-day simple moving average (SMA), is coasting along at 680.12 EH/s, according to data from hashrateindex.com. From its peak on Sept. 8, the network’s hashrate saw a dip, hitting 619 EH/s on Sept. 17 as well as sliding to 624 EH/s on Oct. 1. Since then, about 56 EH/s has returned to the network, which is equal to 304,347 Microbt Whatsminer M60S air-cooled rigs producing 184 terahash per second (TH/s) each.

Network hashrate on Oct. 7, 2024.

As the hashrate climbs, Bitcoin’s hashprice—the estimated daily value for 1 petahash per second (PH/s) of hashpower—has also been ticking upward. On Oct. 1, the hashprice was around $44.01 per PH/s, and it’s now up to $45.55. Moreover, block intervals have been faster than the average ten minutes, with the current rate hovering around nine minutes and 41 seconds.

With these quicker block times, the chance of a difficulty increase is higher, and as of now, a 3.22% rise is expected. That said, the figure could shift over the next two days. The last adjustment, on Sept. 25 at block height 862,848, saw a 4.6% drop in difficulty, so it’s unlikely this week’s change will push the metric back to its all-time peak. Fees are slightly higher, too—at 8 satoshis per virtual byte (sat/vB) or $0.71 per high-priority transfer, they’ve edged up compared to the past fortnight.

Since the fourth halving, the evolving balance between hashrate, block times, and the ongoing difficulty adjustment highlights Bitcoin’s ongoing strength and flexibility. However, miners are feeling the pressure in this lower-reward phase, holding out for better times. Yet, with the hashrate hitting an all-time high last month and now inching closer once again, the network’s resilience is more evident than ever. With the hashrate at 680 EH/s, it will be interesting to watch just how much it can climb if the price gains momentum from this point.

What do you think about the hashrate growth over the last 30 days? Share your thoughts and opinions about this subject in the comments section below.