Bitcoin’s hash rate has hit an all-time high, showing that the security of the world’s first blockchain network is strengthening.
The Bitcoin network hash rate (the sum of all computing power securing the Bitcoin network) hit a new all-time high of 769.8 exahashes per second (EH/s) on October 21.
According to BitInfoCharts data, hashrate has been on a steady rise since 2021. Increasing hashrate has a broad correlation with the development of mining hardware such as application-specific integrated circuits (ASICs).
Bitcoin network hash rate, historical chart. Source: BitInfoCharts
The Bitcoin hash rate is a sign that the network is becoming more secure, but it also means that the cost of mining 1 Bitcoin (BTC) is increasing.
Increasing hashrate along with decreasing block rewards at Bitcoin halving in 2024 could lead to consolidation of miners among smaller companies.
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This is a developing story and additional information will be added as it becomes available.