- Bitcoin Hash Rate Growth
- Decline in Miner Revenues
- Anticipated Difficulty Changes
On September 8, 2024, Bitcoin’s global hash rate reached an unprecedented 692 EH/s, significantly surpassing its previous peak of 676 EH/s just a week earlier. This marks a 76% increase in hash rate year-over-year, reflecting the growing computational power and security of the Bitcoin network.
Bitcoin Hash Rate Growth
On September 8, 2024, the global Bitcoin hash rate reached a record level of 692 EH/s. This is a significant increase from the previous peak of 676 EH/s set just a week before. The year-over-year hash rate growth of 76% indicates the growing computational power and security of the network.
Decline in Miner Revenues
Despite this impressive hash rate growth, miner revenues continue to decline. The hashprice, or estimated earnings per petahash, fell to $38.55 per PH/s per day, down from $39.01 just days earlier. This creates a paradox in the mining industry: while the network strengthens and becomes more resilient, profitability for miners dwindles.
Anticipated Difficulty Changes
The upcoming difficulty adjustment, expected on September 10, is predicted to increase by 5.48%. This will add further strain on miners already facing lower revenues.
The new record Bitcoin hash rate of 692 EH/s is a significant achievement for the network, reflecting its growing computational power and security. However, declining miner revenues and the anticipated increase in difficulty signal ongoing challenges in the mining industry.
