- According to current data, the overall hashrate of bitcoin reached a new high this week, based on the seven-day simple moving average (SMA).
- The hashrate, as determined by the seven-day SMA, surpassed 659 exahash per second (EH/s) on May 25 to reach 677 EH/s on July 25.
Bitcoin Hashrate Sets New Highs
This week has seen new highs for Bitcoin’s hashrate, which has coincided with a rise in the price of the top cryptocurrency asset during the previous seven days. According to data from Luxor’s hashrateindex.com, the hashrate hit 677 EH/s on Thursday, July 25, 2024, which is around 18 EH/s more than the 659 EH/s recorded on May 25.
The three-day SMA displays a larger output, even though the seven-day SMA offers the most accurate hashrate reporting. Furthermore, it returns the all-time high to July 22, which was measured at 707 EH/s, three days earlier.
The growth in hashrate is caused by the rising hashprice, which is the estimated value of 1 petahash per second (PH/s) of hashpower. The hashprice is $52.85 per PH/s at the moment; however, it was $50.27 per PH/s on the day that the seven-day SMA reached 677 EH/s. The prices per petahash that miners were paying at the beginning of July were $48.36 per PH/s, so these are marginally better.
Block intervals have varied from 9 minutes 4 seconds to 9 minutes 16 seconds as of 8 a.m. EDT on July 28, due to the faster block durations caused by the higher hashrate. This might lead to a considerable rise in difficulty, which is predicted to happen on July 31, 2024. According to current estimates, which range from 7.36% to 10.17%, the difficulty jump may be the biggest of the year. The challenge might be greater than the previous peak, which was 88.10 trillion on April 24.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
