Bitcoin Hashrate and Price Hit New Records, Signaling Growing Dominance in Digital Currency Space

Bitcoin has just achieved two major milestones that reflect its ever-growing dominance in the digital currency space. On November 21, the cryptocurrency's computational power

Bitcoin Surges Past $99K, Hashrate Hits All-Time High of 776 EH/s

Bitcoin price soared to new heights on Thursday, reaching $99,121 per coin. This surge marks a significant milestone for the cryptocurrency, which continues to trade close to the $100,000 level.

At the same time, Bitcoin’s computational power, known as the hashrate, hit a record high of 776.45 exahash per second (EH/s) on November 21, as measured by the seven-day simple moving average (SMA).

Bitcoin Price Surges Past $99K

Bitcoin price surged to fresh all-time highs on Thursday, continuing its rally toward the $100,000 mark. The world’s leading cryptocurrency was trading at $99,121 per coin at the time of writing.

This surge in price has not only captured global attention but also brought about significant financial gains for miners. With the price rising, the hashprice — how much miners earn for every unit of computational power they contribute — has also seen a substantial increase.

Just a few weeks ago, on November 4, 2024, the value of one petahash per second (PH/s) was $42.86. As of now, it has jumped to $63.07, offering miners a strong financial incentive to continue contributing their computing power to secure the Bitcoin blockchain.

Bitcoin Hashrate Breaks Records

The most significant news, however, is the record-breaking hashrate. Bitcoin’s hashrate reached an unprecedented 776.45 EH/s on November 21, as measured by the seven-day SMA. This milestone shows that more miners are joining the Bitcoin network, attracted by the higher potential rewards from Bitcoin’s rising price.

This increased computational power comes at a time when the Bitcoin blockchain’s overall security is strengthening. The greater the hashrate, the harder it becomes to successfully carry out an attack on the network, contributing to Bitcoin’s reputation as a secure and decentralized system.

Increased Revenue and Miner Participation

Bitcoin miners are seeing substantial revenue growth. According to data from TheBlock.co, total revenue from Bitcoin mining has reached $778.13 million, with $752.23 million of that coming from subsidies. This surge in revenue has led to more miners contributing hash power, which has sped up the block generation rate.

The average block time — the time it takes for a new block of transactions to be added to the Bitcoin blockchain — has decreased from the usual ten minutes to about 9 minutes and 2 seconds. This suggests that mining activity is ramping up, with more miners pushing the network to its limits.

Mining Difficulty Set to Increase

With this record-setting increase in hashrate, however, comes an important challenge: the difficulty adjustment. The Bitcoin network automatically adjusts its difficulty approximately every two weeks to maintain a consistent block generation time of about ten minutes.

Based on current trends, the mining difficulty is set to increase by 10.9% in the next adjustment. This is a significant change that will make it more challenging to mine Bitcoin, as the network continues to become more competitive.

At present, the Bitcoin difficulty is at 102.29 trillion, and with an expected increase, miners will need even more computational power to successfully mine new blocks. This adjustment highlights the competitive nature of Bitcoin mining, where miners continuously face challenges but are also rewarded for their contributions to the network’s growth and security.

The Future of Bitcoin Mining and Price

As Bitcoin’s price continues to climb and the hashrate reaches new highs, the competition among miners will likely intensify. While the current surge is a rewarding moment for miners, the difficulty adjustment presents an ongoing challenge.

For investors, the increase in hashrate and price reflects the growing mainstream adoption of Bitcoin and its increasing value as a digital asset. However, Bitcoin’s future price remains uncertain, as its volatility and external market factors could influence its next moves.

In the coming weeks, all eyes will be on Bitcoin’s ability to hold its price above the $100,000 mark and whether the surging hashrate will continue to push the network toward further records.