Bitcoin Hashrate Hits All-Time High as Publicly-Listed Miners' Share of the Network Peaks

Bitcoin's seven-day moving average (7DMA) hash rate surpassed 700 EH/s for the first time, marking a 13% increase since April's halving.

Bitcoin's seven-day moving average (7DMA) hash rate hit a new all-time high on Monday, surpassing 700 exahashes per second (EH/s) for the first time. The last record was set two months ago.

According to Glassnode data, the 7DMA hashrate reached 703 EH/s on Monday. Hash rate is the total combined computational power used to mine and process transactions on a proof-of-work blockchain, such as the Bitcoin network.

The seven day moving average of bitcoin's (BTC) hashrate has hit an all-time high of 703 exahashes per second (EH/s), the first time the network's hashrate has cracked 700 EH/s, Glassnode data shows.

Hashrate is the total combined computational power used to mine and process transactions on a proof-of-work blockchain, such as bitcoin. Bitcoin's hashrate has grown almost 13% since the halving event in April, when the total number of bitcoin produced per day was cut in half to 450 BTC.

Bitcoin's hashrate has increased by almost 13% since the halving event in April, when the total amount of bitcoin produced per day was cut in half to 450 BTC. This event occurs every 210,000 blocks and reduces the mining reward by half.

The hashrate serves as an indicator of the overall health and security of the Bitcoin network. A higher hashrate makes it more difficult for attackers to perform a 51% hash rate attack on the network.

Public bitcoin miners increase their hashrate share

Data from bitcoin mining analyst Sebastian Ski shows that 12 of the top publicly traded miners contributed 28.9% to the total hashrate in September, translating to over 200 EH/s. Their contribution to the hashrate continues to increase month-over-month and has jumped by almost 10% since October 2022.

"The public miners are taking market share away from other miners in the world," Ski noted.

Ski also adds that the biggest gainers in hashrate growth in the past 12 months are CleanSpark (CLSK), MARA Holdings (MARA), Riot Platforms (RIOT), and IREN. This also coincides with the top bitcoin miners seeing month-over-month production growth for September.

"It makes sense that the miners with the lowest cost of energy or the strongest balance sheet will continue to increase network share as hash rate rises and block rewards decrease over time (every four years)."

Hashprice jumps to two-month high

Bitcoin's hashprice, which measures mining profitability, recently jumped to $50 per petahash per second (PH/s) for the first time since early August, Glassnode data shows.

Hashprice is calculated by dividing the total bitcoin miner revenue by the seven-day average hashrate. A higher hashprice indicates that miners are earning more bitcoin per unit of computational power.

The slight surge in hashprice is likely due to bitcoin's price climbing to $68,000 and an increase in transaction fees.

On Oct. 17, the on-chain minting of the runes protocol made up over 50% of all transaction fees with a total of 140 satoshis per virtual byte (vbyte) for runes transactions and 60 satoshis per vbyte for bitcoin transactions.

As a result of the hashrate hitting all-time highs, the next difficulty adjustment is scheduled to increase by over 4% on Oct. 23.

Bitcoin's difficulty adjusts every 2016 blocks based on the hashrate, ensuring that blocks are consistently mined on an average every 10 minutes.

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