BTC Prices Are Still Sluggish But Hashrate Bitcoin Breaks Through The Highest Record Of All Time

Hashrate Bitcoin is increasing. (Photo; Doc. Cryptocurrency Tech)

JAKARTA - On October 12, 2023, Bitcoin hashrate, the main indicator of BTC mining's computing power, hit a record high in its history.

According to a report by News Bitcoin.com, in measurements using a seven-day simple moving average (SMA), hashrate soared to 455 exahash per second (EH/s), which is an impressive spike. If we look back on January 1, 2023, the hashrate was only around 261 EH/s. This means that there was a 194 EH/s spike in less than a year, almost close to half the zettahash.

On October 12, 2023, Bitcoin hashrate hit a record high in history, reaching 455 EH/s with a seven-day SMA. This shows significant growth compared to the beginning of 2023 when hashrate only reached 261 EH/s. This means that in a nine-month period, hashrate has increased by 194 EH/s.

That means the computing power of this network grows by around 0.68 EH/s every day during this year, despite facing 15 increasing level of difficulty adjustments.

Towards Half Zettahash By The End Of The Year

With hashrates continuing to rise to the highest level, adjustments to the level of difficulty scheduled for October 16, 2023 are likely to increase by more than 7%. If miners continue to perform well and hashrate continues to rise, Bitcoin could soon reach half a zethash per second (ZH/s), or about 500 EH/s.

If this growth continues, there is a high probability that Bitcoin will reach the 500 EH/s milestone before the next prize for the miners. If the hashrate continues to grow at the current daily level of around 0.68 EH/s, we may see seven-day high school reaching 500 EH/s in about 66 days, or about 9-10 weeks, on or around December 20, 2023.

Earlier this year, a research analyst from River Financial, Sam Wouters, estimated that Bitcoin might enter the zethash era, equivalent to 1,000 EH/s, "by the end of 2025." With the current growth rate, this milestone may be reached around December 23, 2025, or perhaps in early 2026.

While the price of Bitcoin (BTC) has not shown recovery and hash prices are overall low for miners, hashrates continue to hit high records.

On October 15, 2023, revenue for one petahash per second (PH/s) was below 60 every day. Meanwhile, the network's level of difficulty remains high at 57.32 trillion, and with an estimated upcoming increase, this figure may jump past 61 trillion.