The hashrate of the Bitcoin network has decreased by more than 10% since reaching its peak value. As of December 24, 2023, it was 604.95 hashes per second (EH/s). The day before, the hashrate reached a historic high at 676.79 EH/s. This means that the hashrate has dropped by more than 10% in the last 24 hours.
Analysts believe that the increasing complexity of mining indicates a strong interest in the digital currency, especially ahead of the potential launch of the BTC ETF and the expected halving. It should be noted that a year ago the hashrate was only 204.58 EH/s. Over the past year, not only has the complexity of Bitcoin mining increased, but the value of the digital coin has increased by 164.15%, reaching the level of $43,710. The market capitalization of Bitcoin was $854.65 billion, and the daily trading volume reached $15.35 billion.
The Bitcoin hashrate measures the computing power used by the network to perform operations and ensure security. It is measured in hashes per second (H/s) or in larger units such as kilogashes (KH/s), megagashes (MH/s), gigagashes (GH/s), teragashes (TH/s) and exagashes (EH/s).
The higher the hashrate, the more computing resources are needed for successful attacks on the network, and the faster the Bitcoin network is able to process transactions, reducing the time to confirm transfers.
The hashrate depends on the power and efficiency of the equipment used, and a higher hashrate usually indicates an increase in the number of miners participating in the network. This may be caused by both an increase in interest in cryptocurrency mining and changes in the price of the cryptocurrency itself.
The complexity of Bitcoin mining is automatically adjusted every 2016 blocks depending on the total hashrate of the network. If the hashrate is higher, the difficulty increases, and vice versa, in order to maintain a stable time for generating new blocks in the network, close to 10 minutes.
