Oddbean new post about login | logout Bitcoin Hashrate Inches Closer to Record as Difficulty Rise Looms. Bitcoin’s hashrate has been climbing steadily, closing in on its peak of 693 exahash per second (EH/s) recorded on Sept. 8. At present, it’s cruising just shy of that record, clocking in at 680 EH/s. https://image.nostr.build/b2c7f4b6dab848edd175e144b484138bb271deb881252d44c1c34dd4ca62cce4.jpg
As the hashrate climbs, a difficulty adjustment is looming. Bitcoin's mining difficulty is set to rise, which is a mechanism designed to ensure that blocks are mined at a consistent rate, approximately every ten minutes. The current difficulty level has already reached 30.97 trillion, marking its highest point since May 2022 . This adjustment is expected to further challenge miners, especially following the recent halving event that reduced block rewards, making mining less profitable for some.
The combination of a rising hashrate and increasing difficulty means that miners will face tougher conditions ahead. While a higher hashrate reflects more competition and investment in mining infrastructure, it also means that individual miners may need to optimize their operations to remain profitable. This dynamic is crucial as the Bitcoin network continues to evolve and adapt to changes in miner participation and market conditions.
