This week, Bitcoin experienced a dip in value, falling below $55,000. However, behind the scenes, there was a noteworthy development. On September 7, 2024, Bitcoin’s network achieved a significant milestone in its computational power. The seven-day simple moving average (SMA) of Bitcoin’s total hashrate reached a new all-time high of 679 exahash per second (EH/s). This marks a slight increase of 2 EH/s over the previous record of 677 EH/s set on July 25.
Bitcoin Mining Reaches 679 EH/s Milestone Amidst Revenue Decline
It is worth mentioning that Luxor’s hashrateindex.com data show that the record daily hashrate of the network was registered at 12 p.m. EDT on September 7, and the figure reached 679.17 EH/s. This new milestone demonstrates the network’s increasing processing capabilities and indicates it is on the verge of reaching the zettahash scale, which equals 1,000 EH/s. Now the network is 67.9% to achieve this next precent, equal to 679 quintillion hashes per second.
However, this achievement has not significantly boosted Bitcoin mining revenues. The hash price, which gives the average daily value of 1PH/s, has dropped below $40. Specifically, according to hashrateindex.com, within the day, the hash price remained as low as $39.01 per PH/s, the lowest in the year so far. Back in August, the hash price became even less than $37.
This decline in revenue shows the problem of miners who are involved in the mining of Bitcoins. Despite decreased revenues, the network’s computational resources increase further, indicating the passion and determination necessary in mining. To survive and thrive in such a scenario, miners must endure these harsh environments and constantly learn about the changes in the climate of the Bitcoin operation. This recent hashrate milestone shows the dedication of the mining community willing to work at the edge of possibility, even in today’s financial environment.
