Bitcoin Miners Ramp Up Hashrate as Halving Nears, Network Hits 653 EH/s Record

Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s).

Bitcoin Hashrate Achieves New High as Halving Approaches

Just hours ahead of Bitcoin’s fourth halving, the network’s hashrate has set a new peak, reaching 653 EH/s on Friday—a 12 EH/s increase over the highest record set a week earlier. BTC miners are vigorously pursuing block height 840,000 to collect as many 6.25 BTC rewards as possible before they halve to 3.125 BTC.

Since Jan. 1, 2024, the hashrate has grown by 141 EH/s.

Despite a spike in mining difficulty last week coupled with a notable price decline, the hashrate has persistently risen. Observers note that at its current growth rate, the hashrate might propel Bitcoin into the zettahash era within this cycle. One zettahash per second (ZH/s), or one quintillion kilohash per second (KH/s), is equivalent to 1,000 EH/s.

As of Jan. 1, 2024, the total network hashrate stood at about 512 EH/s, having climbed by 141 EH/s over recent months. In just the last three days, 438 blocks have been mined, with Foundry USA securing 126 of them.

Currently, Foundry holds a total hashrate of 187.59 EH/s, up from 140.26 EH/s in January—gaining an impressive 47.33 EH/s in the past 96 days. At the year’s start, Antpool led with 147.40 EH/s, now at 154.84 EH/s, showing a growth of 7.44 EH/s in the same period.

Viabtc’s hashrate stands at 89.33 EH/s today, up from 68.94 EH/s at the beginning of the year. Meanwhile, F2pool’s hashrate slightly dipped from 74.89 EH/s to 71.46 EH/s. Binance Pool experienced a modest increase from 22.58 EH/s to 23.82 EH/s, whereas Mara Pool’s hashrate decreased from 21.4 EH/s to 19.35 EH/s.

Should the hashrate maintain its current trajectory, the network could hit 1 zettahash per second around Dec. 11, 2024. Nonetheless, this halving and subsequent adjustments in mining difficulty could potentially temper the hashrate’s advancement.

What do you think about the hashrate reaching record highs? Share your thoughts and opinions about this subject in the comments section below.