The Bitcoin network hashrate recently reached a new all-time high, underscoring the network's improved security. However, it also presents new challenges for mining companies.
Hashrate Rise and Its Impact on Security
On October 21, the Bitcoin network's total computing power hit a record 769.8 EH/s. According to BitInfoCharts, the hashrate has remained at consistent levels since 2021, linked to expanded use of ASICs.
Economic Aspects of Bitcoin Mining
The rise in hashrate results in increased mining costs, presenting challenges for mid-sized companies. The cost hike might lead to the consolidation of mining operations, urging firms to seek cost-reduction strategies.
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The increase in Bitcoin's hashrate offers improved security opportunities but also poses significant economic challenges for mining companies.