Bitcoin’s hashrate, a key metric for the network’s security and efficiency, has jumped to an all-time high (ATH) of 791.62 million TH/s, according to Ycharts.

This new level also represents a massive 73.95% improvement in this metric year-over-year.

Key Hashrate Metric

Ycharts data shows that Bitcoin has seen a sharp increase in hashrate over the past few weeks, with the cryptocurrency fluctuating between 574 million and 742 million in early October. This activity served as a precursor to the cryptocurrency finally breaking through the 791 million level, where it has remained virtually unchanged for the second day in a row.

The rise, widely attributed to the development of more advanced mining hardware, comes amid reports of the growing dominance of leading US-based Bitcoin miners, who now control nearly 29% of the global network’s hashrate.

According to analysts at JP Morgan, around 14 US-based publicly traded BTC mining companies, such as Marathon Digital, CleanSpark, and IREn, have solidified their positions as major global players.

They attributed the growth to the efficiency and funding benefits of state-owned operators, which allowed them to weather market fluctuations and expand their mining operations.

While observers view the record hash rate as a sign of the Bitcoin network’s improved security, it also means that the cost of mining a single BTC is becoming more expensive.

Bitcoin Difficulty and Revenue Updates

In addition, Bitcoin mining difficulty is slowly approaching an all-time high. As of block 866,682, it is 92.05 trillion, slightly below the 92.7 trillion reached on September 11, 2024. This particular milestone comes as Bitcoin’s hashrate briefly surpassed 700 EH/s earlier in the week.

The network is on the brink of its next difficulty adjustment, which is expected to occur on October 22. The difficulty is projected to increase by at least 4.17% to 95.88 trillion.

Interestingly, despite the rising difficulty and hashrate, data shows that BTC miners are still benefiting from steady revenue streams. As of October 20, 2024, Bitcoin’s daily mining revenue was $38.38 million, down 1.17% from the previous day.

However, the price decline over the year is significantly larger, with the current level 33.2% lower than the same time in 2023. Despite this, given the reduction in block rewards from the halving earlier this year and the increase in difficulty, there are expectations that the industry could see a consolidation of smaller mining operations as they find it increasingly difficult to find valid blocks.

Meanwhile, the price of BTC hit a three-month high over the weekend, briefly topping $69,000, about $4,000 short of its new ATH. The cryptocurrency is currently trading at $68,400, up 5.6% in seven days.

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