The post Bitcoin Hashrate Hits New All-Time High Record, Surges 73.95% Year-Over-Year appeared on BitcoinEthereumNews.com.

The Bitcoin hash rate, a key indicator of the network’s security and efficiency, jumped to an all-time high (ATH) level of 791.62 million TH/s, according to Ycharts. This new level also shows a remarkable 73.95% improvement on the particular metric from a year ago. Key Hashrate Milestone In the last few weeks, data from Ycharts shows that Bitcoin experienced a dramatic rise in its hash rate, with fluctuations between 574 million and 742 million in early October. The activity served as a precursor to the cryptocurrency finally going past the 791 million level, where it remains largely unchanged for the second day running. Bitcoin Hash Rate. Source: Ycharts The upturn, widely linked to the development of more advanced mining gear, comes in the wake of reports of the growing dominance of top U.S.-listed Bitcoin miners, who now control nearly 29% of the global network hash rate. According to J.P. Morgan analysts, about 14 publicly-listed American BTC mining operations, such as Marathon Digital, CleanSpark, and IREn, have cemented their positions as major global players. They attributed this rise to the efficiency and funding advantages of the public operators, which has allowed them to withstand market fluctuations and increase their mining activities. While observers see the record hash rate as a sign of the Bitcoin network’s increasing security, it also means that the cost of mining one BTC is getting more expensive. Bitcoin Difficulty and Revenue Updates Additionally, the Bitcoin mining difficulty is inching towards a record high. As of block 866,682, it stands at 92.05 trillion, just a bit shy of the 92.7 trillion reached on September 11, 2024. That particular milestone came off the back of the Bitcoin hash rate briefly going past 700 EH/s earlier in the week. The network is on the brink of its next difficulty adjustment,…

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Filed under: News - @ October 21, 2024 11:22 am