Bitcoin Hashrate Reaches New All-Time High of 698 EH/s on October 10, 2024

According to recent network data, Bitcoin’s computational power hit a record peak today, reaching 698 exahashes per second (EH/s). This surpasses the previous high of 693 EH/s recorded on September 8.

Following a recent price dip, a drop in hashprice, and a 4.09% rise in network difficulty, miners have pushed Bitcoin’s total hashrate to this unprecedented level. As of 1 p.m. EDT on Thursday, the seven-day simple moving average (SMA) reported by hashrateindex.com stood at 698.94 EH/s. This increase follows a temporary drop to 625 EH/s at the end of September.

Bitcoin’s hashrate has surged by 73 EH/s over the last ten days, breaking through market challenges. At the beginning of September, hashprice—representing daily earnings per petahash per second (PH/s)—fell to $38.91 per PH/s. Since then, it has climbed 11.75% to $43.48 per PH/s.

With the hashrate at record highs, block intervals have shortened to an average of nine minutes and 36 seconds. This would typically result in an increase in network difficulty, but current projections suggest a 5.9% decrease, with the next adjustment expected around October 22, 2024, after about 1,800 more blocks.