While the price of Bitcoin has found stability, and the network’s difficulty remains fixed at 62.46 trillion until November 12, 2023, a different story unfolds in the hashrate department. Here, the seven-day average showcases a record-breaking moment for the network on November 1. On Wednesday, Bitcoin achieved an unprecedented 464 exahash per second (EH/s), marking another significant milestone in its history.
Bitcoin Miners Demonstrate Strength Amid Sky-High Difficulty
The hashrate of Bitcoin maintains its upward momentum, and as of November 1, 2023, it has reached a new peak. According to the seven-day simple moving average (SMA), the network’s hashrate touched 464 EH/s for the first time. Delving deeper, the three-day SMA unveils that the total hashrate of the network soared even higher, reaching 468 EH/s.
Remarkably, all these developments are unfolding at a time when the network’s difficulty is at an unprecedented high of 62.46 trillion, a level it will maintain until November 12. Given the current pace of block intervals, it appears the network’s difficulty is on the cusp of yet another increase, but that could very well change.
With the current valuation of BTC, miners are now reaping a daily reward of $70.75 per petahash per second (PH/s), a notable increase from the $60 and $59 per PH/s they were earning in mid-October. Presently, around 43 different mining pools are contributing their SHA256 hashpower to the BTC blockchain on Wednesday.
When looking at three-day statistics, Foundry USA emerges as the dominant force, boasting 130.66 EH/s, or 28.11% of the entire network’s hashrate. Not far behind, Antpool secures 27.25% of the total network hashrate, translating to roughly 126.67 EH/s of hashpower. Following these two mining pool giants are F2pool, Viabtc, and Binance Pool, respectively. As of this moment, the countdown to the next halving event stands at just over 25,000 blocks left to mine.
What do you think about Bitcoin’s hashrate continuing to rise higher amid the peak difficulty? Share your thoughts and opinions about this subject in the comments section below.
