Categories: Bitcoin Latest News

Bitcoin Hashrate Hits New All-Time Highs

According to Bitcoin Magazine Pro, the 7-day average mining hash rate for Bitcoin has hit a new all-time high, surpassing 667 exahashes per second (EH/s) on July 26th during the Bitcoin 2024 conference. This tops the previous record of 657 EH/s set on May 26th.

The hash rate refers to the total computational power miners dedicate to processing transactions and mining new blocks on the Bitcoin blockchain. A higher hash rate means greater competition among miners to validate blocks, making the network more resistant to manipulation or attack.

Major mining firms like Whatsminer and MicroBT are rolling out new powerful machines to capitalize on the hash rate boom. Whatsminer unveiled four new mining rigs and an upcoming solar mining container system. MicroBT introduced its M6XS+ miners, which can handle 190 to 450 terahash.

Riot Platforms also acquired Block Mining for $92.5 million to expand its hash rate and market reach. Miners are exploring AI integration and acquisition opportunities to navigate ongoing identity challenges.

The boost in miners’ revenue from Bitcoin’s rising price has cooled selling pressure and stabilized network activity. Outflows from miners remained under $10,000 per day in July compared to over $20,000 in March when BTC first hit $70,000.

Overall, Bitcoin’s climbing hashrate reflects a vote of confidence in its long-term viability. With major mining innovations and favourable politics boosting revenues, miners are aggressively expanding infrastructure to process transactions and secure the Bitcoin network.

Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights

Recent Posts

Analyst Sounds Bearish Alarm For Bitcoin As $100,000 Presents Psychological Resistance

Despite heightened expectations for the Bitcoin price to hit the $100,000 milestone, a crypto analyst…

46 minutes ago

Bitcoin Funding Rates Surge 20% On Major Exchanges — What’s Happening?

The price of Bitcoin picked up this week from where it left off in the…

8 hours ago

This Analyst Correctly Predicted The Bitcoin Price Jump To $99,000, But His Prediction Is Not Done

A crypto analyst who accurately forecasted the Bitcoin price increase to the $99,000 All-Time High…

11 hours ago

54% Of Bitcoin Supply Inactive Since 2 Years Despite 500% Price Jump

On-chain data shows a majority of the Bitcoin supply hasn’t moved in more than two…

12 hours ago

Cboe’s New Cash-Settled Bitcoin ETF Options: Could This Spark A Move Beyond $100,000?

Cboe, the derivatives exchange for digital assets and securities trading, is set to make a…

16 hours ago

Bitcoin’s MVRV Metric Signals Market Heating Up—Here’s What Investors Should Know

The ongoing Bitcoin bull market has sparked renewed interest in on-chain metrics to fully understand…

21 hours ago